Nike Co-Founder Officially 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 Swoosh board.

In prepared remarks, Mr. Knight said, "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."

Mr. Knight, who this spring said he would formally step down as chairman in June, was appointed as chairman emeritus with a standing invitation to attend Nike board meetings as an observer.

The Beaverton, Ore., company also said that Apple Inc. CEO Tim Cook, who has been on Nike's board since 2005, was appointed as lead independent director of Nike's board.

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(END) Dow Jones Newswires

June 30, 2016 17:35 ET (21:35 GMT)

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