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 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, 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.