According to Street Insider, Nike has reported that Nike Chairman Phil Knight has retired from the Board of Directors and the Board has appointed Mark Parker, Nike’s President and CEO since 2006, to the additional position of Chairman, effective immediately. This is the completion of the planned transition that was initiated a year ago.

“Phil’s impact on NIKE is immeasurable,” said Parker. “His entrepreneurial drive is and always will be part of our DNA. Along with NIKE’s exceptional management team, I am committed to leading our next era of innovation and growth as we serve and inspire athletes throughout the world.”

Knight isn’t completely through with Nike though, the board has 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 growth of NIKE’s business. Here’s what Knight had to say about him stepping down as Chairman and Mark Parker taking over his role.

“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,” said Knight. “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.”

Street Insider has also reported that the CEO of Apple, Tim Cook, has been appointed lead independent director of the Board. Cook has been a director at Nike since 2005.

via: Street Insider

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