Stanford has hired former Nike CEO John Donahoe as its new athletic director, marking a shift from a more traditional hire to one with extensive business experience rather than just a typical sports administration background.

Former Nike and eBay CEO John Donahoe has been named as Stanford's athletic director after school officials viewed him as a "unicorn candidate" because of his business ties and history at the school.

Former Nike CEO John Donahoe will take over as the athletic director at Stanford, where he earned his graduate degree. His first day on the job will be Sept. 8. Donahoe, 65, comes to the position with decades of management experience.