Nike Names Aaron Cain as New CEO of Converse Division

Nike's Converse division has a new CEO, Aaron Cain, a 21-year veteran of the company. Cain succeeds Jared Carver, who is leaving after two years in the top job. The change comes as Nike posted a significant drop in fourth-quarter net income and sales, with Converse sales falling 19%. Cain will work with Carver through the end of July as part of the transition period.

Nike has appointed Aaron Cain as the new CEO of its Converse division, succeeding Jared Carver who is leaving after two years. Cain, a 21-year veteran of the company, will take on the role as Nike continues to navigate a challenging financial landscape.

The appointment comes as Nike reported a significant drop in fourth-quarter net income and sales, with Converse sales falling by 19%. The company has been working to realign its teams around key sports categories and is implementing a series of strategic changes to reposition its brands for future growth.

Cain, who has held various leadership roles within Nike, including overseeing the global men's business, will work with Carver through the end of July to ensure a smooth transition. CEO Elliott Hill described the change as part of an effort to create greater distinction and dimension for each of Nike's brands around sport.

The move is part of Nike's broader restructuring effort, which includes resuming direct sales on Amazon and rolling out innovative products aimed at re-engaging the company's core, sports-focused consumers. The appointment of Cain, a long-time Nike veteran, follows a series of leadership changes within the company.

References:
[1] https://www.retaildive.com/news/nike-names-aaron-cain-ceo-converse-jared-carver-exits/752800/
[2] https://stocktwits.com/news-articles/markets/equity/nike-replaces-converse-chief-to-revive-iconic-canvas-sneaker-brand/ch8Ty9ZR5lQ