Nike ysed to rule the sportswear business. Its recent earnings have been weak. It has too much good competition.

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 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.