Nike shares traded sharply higher in pre-market trading Friday after the world’s largest athletic apparel and equipment company announced Elliott Hill will replace John Donahoe

Nike (NKE) stock is on the rise after news that CEO John Donahue is stepping down, to be replaced by Elliott Hill

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

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

The leadership change, effective October 14, follows a rocky tenure for Donahoe, who joined the footwear giant as a tech-focused outsider in January 2020. Shares of Nike (NYSE: NKE) jumped in after-hours trading on Thursday after news broke that CEO John Donahoe is leaving the company and will be replaced by Elliott Hill,

Elliott Hill will replace John Donahoe as chief executive next month, following months of struggles for the athletic-wear giant.

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,

Key Takeaways Nike's hard-hit shares topped the Dow's leaderboard Friday as Wall Street analysts largely welcomed the company's appointment of longtime executive Elliott Hill as its new CEO.Jefferies stuck with its hold rating noting that Hill will have to handle headwinds including more competition since he left the firm four years ago.