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.

Nike, the NFL and other businesses are giving their employees a paid day off on Juneteenth for the first time, the latest example of how American employers are responding to protests that have placed additional attention on racial injustice in the U.S. Juneteenth commemorates June 19, 1865 when Major General Gordon Granger came to Galveston, Texas, to announce the end of the Civil War and slavery.

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.