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A ruinous pandemic business strategy, declining innovation, exodus of talent, and a “worst sneaker of all time” accolade has laid the world's biggest sports brand low.

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 (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.