Key Takeaways Nike shares surged in extended trading Thursday after the global shoe and athletic apparel company named Elliott Hill its CEO, replacing John Donahoe.Hill will return to Nike after retiring in 2020,

Elliott Hill started at Nike as an intern in 1988 but steadily scaled its ranks, banking on values of grit and hard work ingrained in him as the son of a single mom in a working class Texas neighborhood.

(Reuters) -Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its leadership amid efforts to revive sales and battle rising competition. The company's shares rose 8% in after-hours trading.