Nike Founder Phil Knight To Step Down From Board, Recommends Successor

Phil Knight Stepping Down at Nike

Nike Inc. on Tuesday announced that chairman and founder Phil Knight will step down next year. Before leaving the company’s board, Knight recommended Chief Executive Mark Parker as his successor.

Mr. Parker “has been an outstanding CEO for the past nine years, and has demonstrated time and again his love for this Company and his clear vision for capturing the tremendous potential Nike has to innovate, inspire, and drive growth,” Mr. Knight said in a news release.

In wake of the announcement, Nike added Travis Knight, Phil Knight’s son, to the board. Mr. Knight, 41, is chief executive of Laika LLC, an animation studio.

Phil Knight also recently created a separate company called Swoosh LLC. That company holds 128.5 million Nike Class A shares, approximately 15% of the company’s outstanding stock. Swoosh’s board includes Phil Knight and Mark Parker. According to a securities filing, Swoosh LLC holds 75% of the power in electing new board of director members.

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Last quarter Nike recorded a 4.8% increase in quarterly sales, while pressure from a stronger dollar weighed on revenue growth and future orders.

No further details about Phil Knight’s departure are available at this time.

Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.