Phil Knight, co-founder to the globe’s largest and most successful apparel company, Nike, has stepped down as of Tuesday.
Knight will be replaced by current Nike president and CEO Mark Parker, who’s been intertwined with Nike since 2006. Parker has participated in 11 marathons, but was initially selected because of his reputation in international markets and merger acquisitions.
Under Phil Knight, Nike would see a plethora of athletes and league conglomerates hug endorsements, including Michael Jordan, Tiger Woods, the NBA and many D-I college programs.
As a response to the departure, Knight will instill his 128.5 million Class A shares in his private company, Swoosh LLC, which accounts for 15% of outstanding Nike shares.
Knight’s contribution doesn’t end with Nike, but continues on with the school that endorsed the company, Oregon. In fact, Phil and his wife Penny, injected between $50 and $60 million in a $90 million renovation of the William Knight law school.
Nike has seen a growth in profit of 22% to maintain earnings for 2015 of over $30 billion.
Stanford University dictated a brilliant article in its campus-published magazine on the man behind the Swoosh, and it can be reviewed here.
*Featured Photo (above) credit to Stanford Daily