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Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill

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Nike CEO John Donahoe will retire from the company in October. He will be replaced by company veteran Elliott Hill.

Nike CEO John Donahoe is retiring from his position and company veteran Elliott Hill is returning to take the top job.

Shares climbed 8% in extended trading Thursday. As of the close, shares are down more than 25% this year."I am excited to welcome Elliott back to NIKE.

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