Company veteran Elliott Hill will lead a turnaround effort at the global sportswear giant, where sales have faltered and innovation has stalled.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.

Nike's new CEO will likely focus on repairing relations with retailers to boost demand, a strategy that took a back seat under outgoing chief John Donahoe, industry experts said on Friday. The sportswear giant named

Nike says Elliott Hill will replace John Donahoe as CEO in October. Nike has struggled to turn around its business over the last year.

Nike’s stock soared after the news that Hill would replace current CEO John Donahoe, who will step down next month. Hill is a familiar face, spending basically his

In his first message to employees, Nike's new CEO, Elliot Hill, acknowledged that the company faces challenging times.