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.

Elliott Hill started at Nike as an intern in 1988 but steadily scaled its ranks, banking on values of grit and hard work ingrained in him as the son of a single mom in a working class Texas neighborhood.

With Nike's new incoming CEO Elliott Hill, Nike needs to re-focus on innovation and selling great stories around its shoes, an analyst told BI.

Nike announced plans to toss out its president and CEO John Donahoe, as demand falters for the brand's sneakers.He'll be replaced by former senior executive Elliott Hill, who will take over next month.

Nike's new CEO will likely focus on repairing relations with retailers to boost demand, a strategy that took a back seat under outgoing chief John Donahoe, industry experts said on Friday. The sportswear giant named company veteran Elliott Hill as its CEO on Thursday,

Nike says Elliott Hill will replace John Donahoe as CEO in October. Nike has struggled to turn around its business over the last year.