Phil Knight to step down as Nike chairman
The man synonymous with Nike is stepping aside as the company's chairman.
By
Jerry Hinnen
•
1 min read
Nike co-founder Phil Knight said Tuesday he will step down as board chairman of the athletics apparel giant, the Associated Press reported.
One of the most influential business executives in all of sport, the 76-year-old Knight said he plans to remain involved with Nike after he leaves his current position but hopes to be succeeded by current Nike president and CEO Mark Parker. Parker has been the company president and CEO since 2006.
Per the AP, a specific date for Knight's departure has not been scheduled, but the company does expect to have its new chairman in place by the end of next year.
Knight said he will transfer most of his stock to a limited liability company named Swoosh LLC, to be managed by himself, Parker, and other Nike executives. The move that will help "maintain Nike's corporate governance," according to the AP.
Last Thursday, Nike announced that its annual profit had increased 22 percent to $3.27 billion on revenues of $30.6 billion.
Founded by Knight and Bill Bowerman in 1964, Nike has made Knight a billionaire many times over, its success in turn a boon to the Oregon athletics programs the Ducks' most famous booster has spent millions assisting.
