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.

Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation.

Nike's stock price has been on a tear amid hopes the global shoe and athletic apparel company's leadership change could drive a recovery. Here are some of the challenges Nike's new CEO faces.

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.