Ackman Praises Nike's New Board Member Amidst Slumping Sales

Nike's decision to add Alexandre Arnault to its board of directors has been praised by Bill Ackman, founder of Pershing Square Inc.

Ackman said he was a fan of Arnault and believed he could help the company, adding that 'Nike needs help.'

Arnault, son of LVMH CEO Bernard Arnault, joins a board that already includes co-founder Phil Knight and Apple chairman Tim Cook.

He has experience in leadership roles at companies such as Tiffany & Co. and RIMOWA, which he led to success after its acquisition by LVMH.