Phil Knight retires from Nike, Mark Parker succeeds as Chairman

By

Obi Anyanwu

Published
Jul 1, 2016

Nike Chairman Phil Knight has officially retired from the company. The sportswear company announced on Thursday that Knight has retired as Chairman and President and CEO Mark Parker will succeed him in the role, effective immediately. The appointment completes the company’s planned transition that was initiated exactly one year ago.

 
Knight on Thursday announced that he has sold his voting interests in Swoosh, LLC, to a trust controlled by his son and Nike director, Travis Knight. After the sale of Swoosh, Travis controls two of the five votes on the Swoosh Board, with the remaining three votes exercised by Nike directors Mark Parker, Alan Graf, Jr. and John Donahoe. Phil Knight formed Swoosh LLC over a year ago to hold the majority of his shares of Nike Class A Common Stock.
 
The Nike Board also appointed Knight to the position of Chairman Emeritus, with a standing invitation to attend Nike Board meetings as an observer and to lend his experience and time to further the company’s growth.

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In addition, Nike appointed Apple CEO Tim Cook as lead independent director of the Board, effective immediately. Cook has been a Nike director since 2005, is chair of the Board’s Compensation Committee and serves as a member of the Nominating & Corporate Governance Committee.