Phil Knight and other parts of the Nike universe lauded the hiring of Elliott Hill as the sneaker giant’s next chief executive officer, but good vibes alone won’t be enough to fix a company in turmoil.

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

The athletic giant announced Thursday that CEO John Donahoe will retire next month and will be replaced by Elliott Hill, a veteran former Nike executive. Nike’s stock rose 9% during after-hours trading Thursday,

In his first message to employees, Nike's new CEO, Elliot Hill, acknowledged that the company faces challenging times.

Nike's new CEO will likely focus on repairing relations with retailers to boost demand, a strategy that took a back seat under outgoing chief John Donahoe, industry experts said on Friday. The sportswear giant named company veteran Elliott Hill as its CEO on Thursday,

Shares in Nike (NKE) surged after the sneaker company said it was getting a new chief executive. John Donahoe will retire as CEO next month after nearly five years at the helm, Nike said late Thursday.

Elliott Hill, a veteran employee at Nike, is returning to the company. But he'll earn over $2 million less than outgoing CEO John Donahoe.