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’s incoming chief executive is known for welling up with tears when he speaks about the company because he cares so much about it. Elliott Hill started working at the sneaker giant in 1988 as an intern,

The board and John Donahoe made the decision that Donahoe will retire from his role as president and CEO of Nike, effective Oct. 13. The exiting CEO will remain an advisor to the company through Jan. 31, 2025, to ensure a smooth transition.