Company shares rise as former executive Elliott Hill announced as successor to John Donahoe

Nike is bringing back the former senior executive Elliott Hill to replace John Donahoe as chief executive as the sportswear brand attempts to revive sales amid rising competition.

Hill, who was at Nike for 32 years, was responsible for helping grow the business to more than $39bn (£29bn) in sales, ultimately leading all commercial and market operations for Nike and its Jordan brand, before retiring in 2020, the company said.