Nike is naming Elliott Hill, a company veteran of more than 30 years, as its new CEO.In the past few years, Nike relied too much on recycling old styles, an analyst told BI.Hopefully, the new hire will help Nike re-focus on a culture of innovation,

Nike Inc. ousted beleaguered chief executive John Donahoe, bringing longtime executive Elliott Hill out of retirement to return the struggling athletic brand to its glory days.Hill, 60, originally joined Nike in 1988 and served as president of consumer and marketplace before he retired in 2020.

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 executive.