Nike's co-founder has retired.
Phil Knight, the co-founder of Nike, has officially stepped down as chairman of Nike Inc. almost one year after he announced his plans to retire. The charitable Nike God, worth an estimated $25 billion, plans to give most of his fortune away to charity.
In Knight's absence, CEO Mark Parker will takeover as chairman and Apple's CEO Tim Cook will become lead independent director effective immediately.
"Phil’s impact on Nike is immeasurable,” said Parker. “His entrepreneurial drive is and always will be part of our DNA. Along with Nike’s exceptional management team, I am committed to leading our next era of innovation and growth as we serve and inspire athletes throughout the world.”
Furthermore, Phil Knight sold his remaining voting shares in Swoosh LLC to a trust controlled by his son Travis. He will now control two of the five votes on the Swoosh Board with the remaining votes belonging to Parker, Alan Graf Jr, and John Donahoe.
The 78-year old Knight detailed his rise in the sneaker game in his memoir "Shoe Dog" which you can check out here.