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,

Athleisure: Nike said on Thursday that Chief Executive Officer John Donahoe will retire after more than five years at the helm as the sportswear giant shakes up its top rank amid efforts to revive sales and battle rising competition.

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.