Nike shares powered firmly higher in early Friday trading as analysts and investors reacted to the sportswear giant's move to replace Chief Executive John Donahoe. Nike (NKE) , which has lost around $45 billion in market value this year,

Elliott Hill will replace John Donahoe as chief executive next month, following months of struggles for the athletic-wear giant.

The hedge fund billionaire Bill Ackman has bet big on the iconic American brand. His firm, Pershing Square, acquired three million shares, or 0.2 percent, of Nike this spring. His stake is currently worth about $250 million.