Nike has reported a slump in sales and profits for its fiscal first quarter as the sportswear giant wrestles with shoppers’ sluggish demand for new sneaker models.

Nike Inc. has named Elliott Hill as its president and CEO effective, replacing John Donahoe, who will retire next month.

Nike’s shares are soaring before the opening bell Friday, as the footwear and clothing company posted record fiscal fourth-quarter sales in North America and gave a better-than-anticipated full-year revenue forecast.

Although slavery was already abolished more than two years earlier by the Emancipation Proclamation, it continued in some areas. Some businesses have professed support for the Black Lives Matter movement or pledged to donate money to organizations. Others have promised to hire more black workers or make other policy changes. This week, Nike CEO John Donahoe told workers they would get Juneteenth off starting this year as a way to celebrate black culture and history. The power of this historical feat in our countrys blemished history is felt each year," Goodell wrote in a memo.

Mark Parker will step down as Nike's CEO next year after 13 years leading the footwear company. BEAVERTON, Ore. - Mark Parker will step down as Nike's CEO next year after 13 years leading the footwear company, Nike announced Tuesday. The shock announcement comes less than two years after Nike had said Parker would remain CEO "beyond 2020." Parker's legacy at NikeEven before becoming CEO, Parker had created a legacy for himself at Nike. Since becoming CEO, Parker has pushed the company to invest heavily in research and development and build up a massive patent portfolio.