Sept 19 (Reuters) - Nike ( NKE ) said on Thursday that

CEO John Donahoe will retire after more than five years at the

helm as the sportswear giant shakes up its top rank amid efforts

to revive sales and battle rising competition.

The company named Elliott Hill president and chief executive

officer, effective Oct. 14, 2024.

Donahoe was tasked with bolstering Nike's ( NKE ) online presence

and drive sales through direct-to-consumer channels.

The push initially helped the company build on the demand

for athleisure following the pandemic, resulting in Nike ( NKE )

touching over $50 billion in annual sales in fiscal 2023 for the

first time.

However, sales have since come under pressure and growth has

slowed with LSEG expectations of Nike's ( NKE ) annual sales at $48.87

billion for fiscal 2025 as inflation-weary customers cut back on

discretionary spending and a slower-than-expected rebound in

growth market China.