On Thursday, shares of popular athletic retailer Nike Inc. (NKE Quick QuoteNKE - Free Report) are declining, down over 2% in afternoon trading due to a couple of reasons.

The company recently named Craig Zanon Vice President and general manager of its global basketball division in wake of the unexpected exit of Michael Jackson. Zanon was most recently overseeing Nike’s global training business, but had previously run the basketball unit for seven years.

Nike said Zanon will continue to perform duties for the training business.

Jackson left the position after just two years, and his “resignation follows underwhelming holiday season signature shoe releases in North America,” said Stifel analyst Jim Duffy in a note to clients on Wednesday.

Nike is also trading near its lowest level of the year, which could be in direct correlation to Jackson’s departure. However, Credit Suisse analyst Christian Buss and his team “remain long-term bulls” on the company, reports Barron’s.

Despite their bullish stance, the analysts believe that “in the near-term the company is facing understandable momentum headwinds in North America as the company is likely to see sales deceleration from moderating category growth, competitors Under Armour (UA Quick QuoteUA - Free Report) and Adidas (ADDYY Quick QuoteADDYY - Free Report) gaining footwear momentum for the first time in several years, and pricing challenges developing with pinnacle basketball product.”

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