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.

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

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,

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

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

Nike Inc. destituyó al director ejecutivo John Donahoe, y trajo al ejecutivo Elliott Hill en un intento por devolver a la marca deportiva en crisis a sus días de gloria.

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.