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.

In a big shakeup, Nike is set to change its CEO, a move that has sparked both optimism and skepticism from Wall Street.

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

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.

The shoe industry got a welcome surprise Thursday afternoon when the Swoosh announced a long-awaiting change to the top of its leadership team: chief executive office John Donahoe will step down from the company,