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.

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.