BEAVERTON, Ore. (AP) — Nike Inc. said Thursday it has named Elliott Hill as its president and CEO, replacing John Donahoe, who will retire next month.

Hill is returning to the company from which retired in 2020. He previously held leadership positions at the sportswear giant across Europe and North America. Before his retirement, he served as the president of consumer and marketplace operations for Nike and the Jordan brand.

Nike's sales have weakened recently and its stock is down about 24% year-to-date. In its most recent quarter, which ended on May 31, the company reported a 2% revenue decline. Donahoe said at the time that the company is approaching its “near-term challenges head-on, while making continued progress in the areas that matter most to Nike's future.”

In February, the company based in Beaverton, Oregon, announced it was cutting 2% of its global workforce, or little over 1,600 jobs, aiming to cut costs and reinvest the savings into what it sees as big growth areas like sport, health and wellness.

Nike's stock jumped almost 8% following the announcement, which came after the close of regular-session trading on Wall Street.