Nike CEO John Donahoe Retires
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•Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill
69% Informative
Nike CEO John Donahoe will step down on Oct. 13 but will remain on as an advisor through the end of January .
Company veteran Elliott Hill will take the helm of the sneaker giant.
Shares climbed 8% in extended trading Thursday .
Nike is in the midst of a broader restructuring after its shifted its strategy to sell directly to consumers.
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