Zee Media Bureau
Nike on Tuesday announced that its chairman, Phil Knight, will step down as chairman in 2016 with the company chief executive Mike Parker as the successor.
Knight will however plans to stay involved with Nike, the brand that he built from a modest shoe company into a global sport shoe brand.
"For me, Nike has always been more than just a company - it has been my life`s passion," Knight said.
Knight is ranked by Forbes the 377th wealthiest person with $24.3 billion.
A former track star at the University of Oregon, Knight launched Nike in Portland, Oregon in 1968 after first selling sneakers out of his car.
In the ensuing years, Nike has grown into a sports marketing behemoth, rivalling the much older German company Adidas. The company`s swoosh logo and "Just Do It" motto are ubiquitous in sports.
Today Nike sponsors many of the world`s most iconic athletes, including Michael Jordan, Tiger Woods, Serena Williams, Rory McIlroy, Roger Federer, Christiano Ronaldo and Neymar.
Last week, Nike reported fiscal 2015 earnings of $3.3 billion on $30.6 billion in revenues.
With Agency Inputss
