Nike Inc. shares surged in extended trading on Thursday after the global leader in footwear and athletic apparel announced the appointment of Elliott Hill as CEO, replacing John Donahoe.

Nike’s shares rose by about 9% following the announcement. Hill will have the task of reviving the company’s stock, which has lost about a quarter of its value since the start of the year. In June, Nike reported weak fourth-quarter results and revised its forecasts, raising concerns among investors.

Elliott Hill is returning to the company after retiring in 2020, marking the end of a long career at Nike. His return is expected to help lead the company out of its current challenges and into its next phase of growth.