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 stock is higher Friday after the embattled retailer announced a 32-year company veteran will return as its incoming CEO.

Shares of NIKE (NKE) hit resistance at a price level that had been support. Support can convert into resistance because of buyer's remorse.

Elliott Hill, the newly named chief executive officer of Nike, acknowledged that things have been rough for the world's largest sportswear brand in his first message to staff on Thursday.

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

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

Elliott Hill, a veteran employee at Nike, is returning to the company. But he'll earn over $2 million less than outgoing CEO John Donahoe.