(Reuters) -Nike said in an internal memo seen by Reuters on Thursday that Jared Carver, president and CEO of Converse, would step down and be succeeded by longtime company executive Aaron Cain.

Nike is in the midst of realigning its business by sport across its Nike, Jordan and Converse brands.

It has faced sluggish sales growth and mounting competition in the global athletic wear market, prompting cost-cutting measures and a strategic pivot toward performance-focused sports segments.

Carver spent 15 years at Converse, including in leadership roles in North America and EMEA.

Cain, a 21-year Nike veteran and currently vice president and general manager of Nike Global Men's, will relocate to Boston and take charge as president and CEO after a transition period through the end of July.