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.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.

Nike’s stock soared after the news that Hill would replace current CEO John Donahoe, who will step down next month. Hill is a familiar face, spending basically his

Nike’s beleaguered stock was rising sharply after the company announced that its CEO would retire.The athletic shoe and apparel maker has been hurt in recent years from a slowdown in China and competition from upstarts like Deckers Outdoor’s Hoka brand and On Holding.

New Nike CEO Elliot Hill is inheriting “a turnaround that has yet to show momentum,” according to Stifel analyst Jim Duffy.

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 leadership amid efforts to revive sales and battle rising competition.

Nike Inc. ousted beleaguered Chief Executive Officer John Donahoe, bringing longtime executive Elliott Hill out of retirement in a bid to return the struggling athletic brand to its glory days.

Nike announced that CEO and President John Donahue will retire and be replaced by former Nike executive Elliott Hill. Hill, who retired from Nike in 2020 while he was president of the company's consumer and marketplace division,