Phil Knight, the co-founder of Nike announced his plans to step down in 2016 as chairman of the board and has recommended Mark Parker as his successor. 

 

“For me, Nike has always been more than just a company - it has been my life’s passion,” said Knight in a statement issued by the company. “Over the years, I’ve spent a great deal of time considering how I might someday evolve my ownership and leadership of Nike in a way that benefits all of our stakeholders. Today, we have taken a number of important steps that will continue to promote Nike’s long-term growth.”

 

Knight’s recommendation is based on Parker’s experience as Nike’s President and Chief Executive Officer since 2006. 

 

“Phil founded Nike to serve athletes,” Parker said. “That vision and inspiration continues to drive our success today around the world. I have been privileged to work for Phil for over 35 years, and Nike’s exceptional management team and I are committed to building on Phil’s vision to drive the next era of growth for Nike.”

 

The USATF Outdoor Championships this past weekend showed the sport company’s dominance in track and field with 20 Nike sponsored athletes winning their respective events in Eugene, Ore.  

 

At 77, Knight co-founded the footwear and apparel company and has been a director since 1968. He also noted in the company statement that he plans on transferring most of his Nike stock to a limited liability company called Swoosh LLC. 

 

The Beaverton, Ore. based company also named Knight’s son Travis as the newest member of Nike’s board of directors. Travis Knight, 41, is currently the CEO of Laika, LLC, a feature film company that has produced the films The Boxtrolls and ParaNorman.