Beaverton, Ore. – Nike Co-founder Phil Knight announced Thursday that he has officially stepped down from his role as chairman of Nike’s board, completing the transition he first announced a year ago.
As expected, Nike President and CEO Mark Parker will take on the role of chairman, while the 78 year-old Knight will serve as Chairman Emeritus.
Knight had said a year ago that he planned to step down.
Knight started Nike by selling shoes out of the back of his car and built it into the world’s largest athletic shoe and clothing company.
However, Knight’s tenure wasn’t perfect.
He and Nike came under fire in 1990’s for outsourcing manufacturing overseas and using sweatshops.
To the company’s credit, it cleaned up its act and is today cited as an industry exemplar.
