Athletic equipment and sportswear giant giant Nike (NKE) is as big name there is in its chosen business. It makes all sorts of shoes, uniforms, basketballs and related gear. Its best-known product is the Air Jordan line of basketball shoes.

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

Nike's new CEO is expected to double down on the company's efforts to repair relations with retailers to energize sales, reversing a strategy under outgoing chief John Donahoe that focused on selling directly through its stores and website.

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

See the resume of Nike’s new CEO, who started at the company as an intern

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