Nike has been in a period of significant change and transition. Following the departure of John Donahoe, speculation has swirled around who will be chosen to lead the iconic sportswear giant into the future.

Hill, who left in 2020 after 30 years at the sportswear giant, returns to Nike to succeed Donahoe, who will remain an advisor until the end of January.

Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.