Business Watch -- WSJ

Nike

Co-Founder Knight Retires as Chairman

Nike Inc. said co-founder Phil Knight officially has retired as the athletic-gear giant's chairman, turning over the position to Chief Executive Mark Parker and bringing to a close an executive transition begun a year ago.

Mr. Knight also disclosed that he has sold his voting interests in Swoosh LLC, which was created to hold most of his Class A shares, to a trust controlled by his son and board member, Travis Knight. The move gives Travis Knight control of two of five votes on the board.

--Tess Stynes

AMC Entertainment

Price Concerns Stall Vote on Carmike Deal

A shareholder vote to approve AMC Entertainment Holdings Inc.'s $1.1 billion acquisition of Carmike Cinemas Inc. has been postponed following concerns among some Carmike shareholders that the sale price is too low.

The vote, which would have created the country's largest movie-theater company, was scheduled for Thursday. But AMC called off the vote, saying the deal is at "considerable risk" following weeks of disagreement among some Carmike shareholders about whether the $30 a share purchase price undervalued the company.

The vote will be July 15.

--Erich Schwartzel

United Parcel Service

Locker Program Expands Nationwide

United Parcel Service Inc. is rolling out 300 new locker pickup locations nationwide after what it says was a successful test of nine locations in Chicago.

The lockers are part of a broader effort by the delivery company to both lower the costs of delivering e-commerce packages, as well as to meet changing consumer demands as online shopping booms.

--Laura Stevens

(END) Dow Jones Newswires

July 01, 2016 02:48 ET (06:48 GMT)

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