Nike, struggling from rising competition and its own strategy mistakes, is making a major shakeup. The athletic giant announced Thursday that CEO John Donahoe will retire next month and will be replaced by Elliott Hill, a veteran former Nike executive.

Nike CEO John Donahoe is retiring from his position and longtime company veteran Elliott Hill is returning to take the top job. Donahoe is slated to step down on Oct. 13 but will remain on as an adivsor through the end of January.

Nike Chief Executive John Donahoe is leaving the sneaker company.Company veteran Elliott Hill is returning to Nike and will take the CEO reins as of Oct. 14. He previously served as consumer president of Nike until Donahoe took over and shuffled the sportswear company’s leadership ranks about a month into the job.