Nike is shaking up Converse’s management amidst restructuring efforts. Converse saw a 26% decrease in sales, totaling $357m. Annual revenue dropped 19% to $1.7bn. Nike’s FY25 revenues fell 10% to $46.31bn. Cost-cutting measures and focus on performance sports products are underway. Executive reshuffles include Amy Montagne’s promotion to president and Cain’s appointment as new Converse CEO.

Read more at Yahoo Finance: Nike lines up new Converse CEO amid lacklustre performance