Nike chief executive John Donahoe will retire next month in an abrupt leadership change punctuating a period of dour financial performance at the world’s largest sportswear maker.

Sportswear giant Nike has announced that its current president and chief executive officer, John Donahoe, has “decided he will retire from his role” as the

Nike has rehired its former long-time executive Elliott Hill as president and chief executive in a major shake-up as the world's biggest manufacturer of sports apparel attempts to revive its business.