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Our time is short, shorter than we ever know, short as a morning run, and I wanted mine to be meaningful,' Nike founder Phil Knight wrote in his memoir.

Nike's stock price has been on a tear amid hopes the global shoe and athletic apparel company's leadership change could drive a recovery. Here are some of the challenges Nike's new CEO faces.

Nike (NYSE: NKE) just announced that its current CEO has retired, and it’s bringing in a long-time employee to take the helm. Elliott Hill will become Nike's CEO on Oct. 14. He hopes to be the new face the company needs to turn its fortunes around.