Nike (NKE) is getting a new CEO. Elliott Hill, who was a longtime executive at the company, will be replacing retiring CEO John Donahoe effective October 14.

Bernstein senior analyst Aneesha Sherman thinks Hill has "the right skill set" for the role and that the C-suite shake-up is good for the stock. So what will he need to do? Sherman says his first task will be "to set a path forward" for the apparel giant and "give investors a sense of where this company is headed." But then he'll really have to get to work. "This is a tanker that needs to be moved and it takes time. But I think investors will give him a pass if the targets sound reasonable, the goals sound reasonable and will give him a pass for the next 6 months to a year to fix the ship before it starts moving again," she tells Yahoo Finance.

Watch the video above to hear why Sherman says one of Hill's priorities also needs to be helping Nike get its "mojo" back.

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This post was written by Stephanie Mikulich.