Nike chairman Phil Knight has announced his future plans that has him stepping down, with president/CEO Mark Parker to succeed him.
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.
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 2016.
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.
“I intend to continue to work with NIKE,” Knight said, “and look forward to contributing to its future well after my chairmanship ends.”
Travis Knight, Phil’s son was given a spot on the board this week. The 41-year old is president and CEO of the animation studio LAIKA and was producer and lead animator on the movies ParaNorman and The Boxtrolls.