Nike Chairman and co-founder Phil Knight plans to step down and says he wants President and CEO Mark Parker to succeed him.
Knight, 77, started the company in 1964 as part of a "handshake deal" with Oregon coach Bob Bowerman, with each putting up $500 dollars as seed money. Since then, the footwear and apparel company has made the Nike swoosh one of the most recognizable logos in the world, CNBC Indian affiliate Money Control reported.
Knight says he plans to stay involved with the company after he steps down from as chairman. Parker, his recommended successor, has served as Nike's president and CEO since 2006.
Nike said it plans on appointing a new chairman in 2016 but did not reveal a specific date for Knight's departure, according to USA Today.
The company also announced that Knight's son, Travis Knight, will join its board of directors, Forbes reported. Travis, 41, is currently the president and CEO of animation studio LAIKA.
"For me, Nike has always been more than just a company - it has been my life's passion," Knight said in a statement. "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."
Knight is currently listed by Forbes as the 35th richest person in the world and 21st richest person in the U.S., with a net worth estimated at $24 billion.
