Nike News: Phil Knight Just Did It - Steps Down from Board

Phil Knight, the face of Nike since before it was Nike, has retired from the company's Board of Directors.

Knight, who had said more than a year ago he would step down, was replaced as chairman by Nike CEO Mark Parker.

"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.

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"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."

Knight also sold his voting interests in Swoosh, the company he formed to hold his Nike stock, to a trust controlled by his son, Travis, who is a Nike director.

Nike announced that Knight is now chairman emeritus of the company, welcome to attend meetings as an observer anytime he wants.

Knight has been a member of the board of directors since he helped found it in 1968.

Except for a period between June 1983 and September 1984, he was president from 1968 to 1990. He also served as president from 2000 to 2004.

Mark Parker, as expected, had nothing but praise for Knight.

"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."

The company also announced that Apple CEO Tim Cook. who has been a Nike director since 2005, has been appointed lead independent director of the board.