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.

Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its leadership amid efforts to revive sales and battle rising competition.

Nike faces a consumer slowdown and tough competition from upstart running brands like Hoka and On. Customers are changing their behaviors, passing up discretionary purchases of expensive sneakers and athletic clothing for basics and experiences such as concerts and travel.

New York (CNN) — Nike, struggling from rising competition and its own strategy mistakes, is making a major shakeup. The athletic giant announced Thursday that CEO John Donahoe will retire next month and will be replaced by Elliott Hill, a veteran former ...

Nike (NKE) stock is on the rise after news that CEO John Donahue is stepping down, to be replaced by Elliott Hill