Nike Chairman Phil Knight has announced plans to step down as company chairman of the board in 2016 and has recommended Nike President and CEO Mark Parker as his successor.
''For me, Nike has always been more than just a company - it has been my life’s passion,'' said Knight in a statement issued by the company. ''Over the years, I've spent a great deal of time considering how I might someday evolve my ownership and leadership of Nike in a way that benefits all of our stakeholders. Today, we have taken a number of important steps that will continue to promote Nike’s long-term growth.''
No specific date was set for Knight's departure, though he said he plans to stay involved in the business. Nike Inc. said it expects to name a new chairman in 2016, according to ABC News.
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