Elliott Hill, the newly named chief executive officer of Nike, acknowledged that things have been rough for the world's largest sportswear brand in his first message to staff on Thursday.

See the resume of Nike’s new CEO, who started at the company as an intern

Elliott Hill, a veteran employee at Nike, is returning to the company. But he'll earn over $2 million less than outgoing CEO John Donahoe.

In a big shakeup, Nike is set to change its CEO, a move that has sparked both optimism and skepticism from Wall Street.