Bill Ackman Says Nike's New Board Pick Alexandre Arnault Is a 'Great Development' for the Struggling Sportswear Retailer

Bill Ackman, founder of Pershing Square Inc., praised Nike Inc.'s decision to appoint Alexandre Arnault, Deputy CEO of LVMH's Moët Hennessy division, to its board, calling it a 'great development' as the company faces a multiyear slump. Nike is set to be removed from the S&P 100 index for the first time in 18 years, with its shares down 43.84% year-to-date and 50.82% over the past year. The company is struggling with significant sales declines in its Sportswear and Jordan Streetwear businesses, and anticipates a revenue hit of over $1 billion due to changes in its online sales distribution in China.