Bill Ackman Says Nike ‘Needs Help’ as Alexandre Arnault Joins Board: ‘Great Development’

Bill Ackman, founder of Pershing Square Inc., commented on Nike Inc.'s recent addition of Alexandre Arnault to its board, calling it a 'great development' as the company faces challenges. Nike is struggling with a multiyear slump, highlighted by a 43.84% decline in shares year-to-date and a 50.82% drop over the past year. The company is set to be removed from the S&P 100 index for the first time in 18 years, and its sportswear and streetwear segments have reported double-digit sales declines. Additionally, the decision to end online sales partnerships in China is expected to result in an annual revenue hit exceeding $1 billion.