Nike has announced that founder Phil Knight has retired as company chairman.
Last year, Nike had announced that Knight would be stepping down from his position at some time during the 2016 year, so the move does not come as a surprise from the 78 year old.
“I could not be more pleased with the Board’s thoughtful execution of the succession plan, and am thrilled that an outstanding leader like Mark will head the Board,” Knight said in a statement. “I intend to continue to work to promote the company’s business in my new role for as long as I can contribute to NIKE’s success and long-term growth.”
Nike president and CEO Mark Parker will take over for Knight as a chairman.
Congratulations to Phil Knight on changing the game for athletic wear and earning a net worth of $24.1 billion. It’s safe to say his career and venture with Nike was an overwhelming success.