Nike co-founder Phil Knight to step down as chairman
Nike Chairman and co-founder Phil Knight plans to step down, and says he wants President and CEO Mark Parker to succeed him.
Knight, 76, says he plans to stay involved with the company after he steps down as chairman. Parker has been Nike's president and CEO since 2006.
Nike Inc. NKE says it expects to name a new chairman in 2016, but no specific date was set for Knight's departure.
"For me, NIKE has always been more than just a company – it has been my life's passion," Knight said in a press release on Nike.com. "Over the years, I've spent a great deal of time considering how I might someday evolve my ownership and leadership of NIKE in a way that benefits all of our stakeholders. Today, we have taken a number of important steps that will continue to promote NIKE's long-term growth."
Phil Knight co-founded Nike and has been a director of the company since 1968. The company also named his son Travis to a spot on the board Tuesday.
Knight also says he will transfer most of his Nike stock to a limited liability company. The directors of that company will be Knight himself, Parker, and Nike directors Alan Graf and John Donahoe. He says the move will help maintain Nike's corporate governance.
Knight transferred 128,500,000 shares of his Class A Nike Common Stock to Swoosh, LLC. That represents around 15% of the outstanding shares of Nike Class A and B common stock.
Nike's stock was listed at $108 per share Tuesday on the New York Stock Exchange.
Phil Knight co-founded Nike and has been a director of the company since 1968. The company also named his son Travis to a spot on the board Tuesday.
Knight is currently listed as the 35th richest person in the world and 21st richest person in the U.S. by Forbes. He attended the University of Oregon and has donated millions of dollars to the school and its successful athletic programs, including the Oregon Ducks football team.
Knight also co-founded the Academy Award-nominated stop-motion animation company Laika, based in Hillsboro, Ore.