A ruinous pandemic business strategy, declining innovation, exodus of talent, and a “worst sneaker of all time” accolade has laid the world's biggest sports brand low.

The pop in Nike's stock certainly wasn't the same as the reaction Starbucks stock got when it named a new CEO, and Hill certainly doesn't have the same fanfare, having never been the CEO of a major company. Yet the announcement of him taking over as CEO comes at an interesting time.

Nike career veteran Elliott Hill is tapped to reverse sales and revenue declines following recent changes to the business practices central to the company's past success.

Peter Atwater, William & Mary behavioral economist and ‘The Confidence Map’ author, joins 'Squawk Box' to discuss the ouster of Nike CEO John Donahoe, the challenges facing new CEO Elliott Hill, and more.

John Donahoe never had the strengths required to lead a design-focused organization like Nike. You should hire for the strengths that match your core focus.

Wall St. Insights Nike Inc. (NYSE: NKE) used to dominate the athletic wear business. Increasing competition is a problem its management cannot fix. Also: Dividend legends to hold forever. It used to be that Nike Inc.