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 top rank amid efforts to revive sales and battle rising competition.

The boss of Nike will step down next month, making way for a company veteran to take his place as the leader of the world's biggest sportswear company amid tough competition in the retail sector. In a statement,

Elliott Hill will replace John Donahoe as chief executive next month, following months of struggles for the athletic-wear giant.