(Reuters) - Sportswear giant Nike ( NKE ) on Thursday named former senior executive Elliott Hill to succeed John Donahoe as its president and CEO, effective Oct. 14.

The company has lost about a quarter of its stock market value this year and is down more than 21% since Donahoe joined as the top executive in 2020.

Shares of rivals Adidas, Hoka owner Deckers and On Holding have risen 23.3%, 36.5% and 84.4%, respectively, this year.

Donahoe began his stint as CEO in 2020 with a plan to drastically grow e-commerce and to boost sales at its roughly 1,000 Nike ( NKE ) stores. But Nike ( NKE ) forecast a drop in its fiscal 2025 sales following at least four consecutive quarters of poor sales.

Here are some other major events for Nike ( NKE ) on Donahoe's watch:

Oct. 22, 2019 Nike ( NKE ) named Donahoe, a former eBay chief

executive officer, as its new CEO,

effective Jan. 13, 2020, replacing

long-time chief Mark Parker. 

June 25, 2020 Nike ( NKE ) swung to a quarterly loss for the

first time in two years. Donahoe laid out

Nike's ( NKE ) long term plan for its digital

channel to account for 50% of its overall

business. 

Donahoe said at the time that

Nike ( NKE ) intentionally shifted away from its

prior focus on selling shoes through

department stores and third party retail

chains. 

He said it now focused on giving consumers

"a more premium shopping experience" at

Nike.com and Nike ( NKE ) stores. 

June 26, 2020 Nike ( NKE ) warns of jobs cuts.  

July 24, 2020 Donahoe's pay was about $53.5 million,

according to a filing.

Dec 13, 2021 Nike ( NKE ) bought virtual sneaker company RTFKT

for an undisclosed sum, in what Donahoe

said was a key step in Nike's ( NKE ) digital

transformation. 

March 21, 2022 Revenue from Nike's ( NKE ) mobile app was up more

than 50% in the third quarter. "Growing

participation in new digital platforms"

gave Nike ( NKE ) "innovative ways to connect with

consumers, letting them unlock virtual

experiences, products and rewards,"

Donahoe said.

June 23, 2022 Four months after Russia invaded Ukraine,

and two months after rival Puma suspended

operation of all its stores in response to

Moscow's invasion, Nike ( NKE ) said it would exit

Russia.

Rival Adidas said in October 2022 that it

had decided to permanently halt business

in Russia.

Dec 20, 2022 Nike ( NKE ) reported record digital results, as

well as strong store traffic with COVID

restrictions lifting. "We directly connect

with the consumer no matter where they

shop," Donahoe said, referring to its

direct sales.

June 29, 2023 Nike ( NKE ) warned of a weak start to fiscal 2024

as shoppers in the U.S. turned cautious.

"We'll continue to expand our marketplace

strategy to ... drive growth," Donahoe

said. 

Dec 21, 2023 Nike ( NKE ) cut the number of Nike ( NKE ) products in a

$2 billion cost savings program due to

weak sales across its channels. CFO

Matthew Friend said Nike's ( NKE )

direct-to-consumer focus had "added

complexity and inefficiency."

Feb 15, 2024 Nike ( NKE ) cuts about 2% of its total workforce

of about 80,000 employees to lower

expenses. 

March 21, 2024 Donahoe said Nike ( NKE ) must "lean in" with its

retail partners. It also warned of weak

sales in first half of fiscal 2025.

June 27, 2024 Nike ( NKE ) forecast a surprise drop in sales for

fiscal 2025, which Donahoe said would be a

"transition year" as digital sales

tanked. 

June 28, 2024 Nike's ( NKE ) stock tumbles to its worst day

ever, wiping out $28.41 billion from its

market valuation.    

July 25, 2024 Donahoe's annual compensation was $29.2

million, according to a filing. 

Aug. 14, 2024  Billionaire investor William Ackman built

new stakes in Nike ( NKE ). Other shareholders and

at several Wall Street analysts begin to

speculate about the possibility of

executive changes. 

Sept. 19, 2024 Nike ( NKE ) said President and CEO Donahoe will

retire, and former senior executive

Elliott Hill will succeed him, effective

Oct. 14. After hours share gains added $9

billion in market cap.