Nike Inc. ousted beleaguered Chief Executive Officer John Donahoe, bringing longtime executive Elliott Hill out of retirement in a bid to return the struggling athletic brand to its glory days.Hill, 60,

Elliott Hill, an executive who left the company after Donahoe’s appointment in 2020, will return as chief executive, Nike’s board said.

Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker.