Nike will replace outgoing CEO John Donahoe with 32-year company veteran Elliott Hill, for a compensation package of $27 million.NikeNike veteran Elliott Hill is returning to lead the company as its CEO, replacing John Donahoe.The company offered Hill $27 million in compensation, $2 million less than Donahoe's 2023 earnings.However, his salary still dwarfs CEOs of competing companies such as Lululemon and Under Armour.Nike has found a new leader, but they'll be paying him more than $2 million less than the salary of the company's outgoing CEO.On Thursday, the sports giant announced that Elliott Hill, a company veteran, will take over outgoing CEO John Donahoe on October 14.Hill's base compensation is $1.5 million a year.