"After an energizing 60 days of being back with my NIKE teammates, our clear priority is to return sport to the center of everything we do," stated CEO Elliott Hill, He said the company is taking immediate action to reposition its business so that the company can get back to driving long-term shareholder value.

Nike (NKE) has faced a difficult few years, with its stock dropping 29% year-to-date and more than 50% over the past three years. While Nike has struggled to maintain investor confidence, the athletic footwear and apparel giant is taking steps to reignite growth and recapture market share.