Nike's hard-hit shares rallied Friday as Wall Street analysts largely welcomed the company's appointment of veteran executive Elliott Hill as its new CEO.

One analyst said the “highly anticipated leadership change will inject a much-needed sense of urgency” to Nike, whose share price remains down 50% from its 2021 peak.

Nike (NKE) ’s board unexpectedly announced yesterday (Sept. 19) that CEO John Donahoe would retire next month after four years at the helm of the world’s largest athletic wear company. The announcement came amid slowing sales and a year of stock decline.