Finally, Nike Chairman Phil Knight, worth 28 billion USD in 2015 according to Forbes, has retired from the Board of Directors. His replacement is, predictably, Mark Parker, Nike’s President and CEO since 2006.
“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.”
Nike investors don’t worry, Knight is now Chairman Emeritus and has an invitation to attend Nike Board meeting as an observer. He is also allow to “lend his experience and time to further the growth of Nike’s business” (Nike).
“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.”
Most interestingly, Apple’s CEO Tim Cook has stepped up to the position of lead independent director of the Board. According to Nike, 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. I don’t know how “independent” the CEO of a company that does millions of dollars worth of business with Nike could be but hey, that’s corporations in the U.S.
Phil Knight has also sold his voting interests in Swoosh, the company that holds the majority of Knight’s Class A shares, to a trust run by his son, Travis Knight.
Source: Nike
Crazy movements, but Phil steps down at a fitting time. One flagship athlete in Kobe is retiring, another in LeBron got the title and finally made the whole witness/promise campaign come to a close. The moments are under his helm as chairman, and he’s really better off preparing the company for the future when he completely retires (or if he ever does)