It looks like a series of missteps have resulted in Nike CEO John Donahoe stepping down from the nation's largest sportswear company, NIKE Inc. The company made the head-turning announcement Thursday,

The hedge fund billionaire Bill Ackman has bet big on the iconic American brand. His firm, Pershing Square, acquired three million shares, or 0.2 percent, of Nike this spring. His stake is currently worth about $250 million.

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

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.

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 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.

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

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.