Get 40% Off
🤑 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Nike Chairman Phil Knight to step down in 2016

Published 30/06/2015, 22:59
© Reuters. Knight watches at the U.S. Olympic athletics trials in Eugene
ADSGN
-
NKE
-
UAA
-

(Reuters) - Nike Inc (N:NKE), the world's largest sports shoe company, said Chairman and co-founder Phil Knight would step down next year.

Knight recommended that Chief Executive Mark Parker succeeds him as chairman. Parker has been CEO since 2006.

Chairman since 2004, Knight said in a statement on Tuesday that he would continue to play an active role in Nike even after his tenure ends.

Knight, 76, owned a 16.26 percent stake in Nike as of Dec. 31. He will transfer most of those shares, representing about 15 percent of Nike's common stock, to Swoosh, a limited liability company.

Nike said it appointed Knight's son Travis Knight to its board.

The company, which Knight co-founded in 1964 with Bill Bowerman, has raced ahead of rivals such as Under Armour Inc (N:UA) and Adidas AG (DE:ADSGn) with its Jordan, LeBron and Kobe basketball shoe brands, popular with young Americans.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.