It’s officially, Nike co-founder and chairman Phil Knight has retired from its board and CEO Mark Parker has been named the new chairman.
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Knight, 78, started his business by selling shoes out of the back of his car. Years later, he built it into one of the world’s largest brands in athletic shoes and clothing company.
“Phil’s impact on Nike is immeasurable,” Parker said in a statement. “His entrepreneurial drive is and always will be part of our DNA.”
Parker, 60, has been president and CEO of Nike Inc. since 2006.
Nike also said Thursday that Knight has sold his voting interests in Swoosh LLC to a trust controlled by his son and board director Travis Knight.