Nike career veteran Elliott Hill is tapped to reverse sales and revenue declines following recent changes to the business practices central to the company's past success.

Elliott Hill, the newly named chief executive officer of Nike, acknowledged that things have been rough for the world's largest sportswear brand in his first message to staff on Thursday.

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.

See the resume of Nike’s new CEO, who started at the company as an intern