Phil Knight to step down as Nike chairman - KPTV - FOX 12

Phil Knight to step down as Nike chairman

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Phil Knight, co-founder and chairman of Nike, Inc., watches Oregon play Oregon State from the sidelines during an NCAA college football game in Corvallis, Or., Saturday, Nov. 15, 2014. (AP Photo/Troy Wayrynen) Phil Knight, co-founder and chairman of Nike, Inc., watches Oregon play Oregon State from the sidelines during an NCAA college football game in Corvallis, Or., Saturday, Nov. 15, 2014. (AP Photo/Troy Wayrynen)
BEAVERTON, OR (KPTV) -

Nike co-founder Phil Knight announced Tuesday that he's stepping down as chairman of the company.

In a press release, Nike said the transition is part of a plan to "provide long-term stability in the ownership and governance of the company."

A new chairman will be appointed sometime in 2016.

Knight recommended to Nike's Board of Directors that Mark Parker, Nike's president and CEO since 2006, become the next chairman.

Knight said he plans to stay actively involved with Nike after he steps down.

As part of the transition planning process, Knight created Swoosh, LLC to hold the majority of his shares in Nike.

Read the full statement at Nike.com.

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