Nike’s Converse division welcomes new CEO Aaron Cain, a Nike veteran. He takes over from Jared Carver, who led the brand for two years. Nike reported an 86% drop in fourth-quarter net income to $211 million. Swoosh sales fell 12% to $11.1 billion, while Converse sales dropped 19% to $1.7 billion. The CEO change was first reported by Bloomberg. Recent executive moves aim to accelerate Nike’s turnaround, including promotions and retirements. Converse announced a collaboration with Isabel Marant. Hill thanked Carver for his leadership and emphasized Converse’s role in Nike’s portfolio.

Read more at Yahoo Finance: Converse’s New CEO Aaron Cain Is a 21-Year Nike Veteran