Nike stock jumps after hours on news that CEO John Donahoe is being replaced by company veteran Elliott Hill

The leadership change, effective October 14, follows a rocky tenure for Donahoe, who joined the footwear giant as a tech-focused outsider in January 2020.

Shares of Nike (NYSE: NKE) jumped in after-hours trading on Thursday after news broke that CEO John Donahoe is leaving the company and will be replaced by Elliott Hill, a Nike veteran who had held a number of senior positions before retiring in 2020.