Nike chairman Phil Knight has announced plans to step down, with president/CEO Mark Parker to succeed him.
Although he’s vacating his position, the 76-year-old says he plans to stay involved with the company, which he co-founded and has been a director for since 1968.
Additionally, he says he will transfer most of his Nike stock to a limited liability company called Swoosh LLC — its directors will be Knight, Parker, and Nike directors Alan Graf and John Donahoe.
The brand expects to name a new chairman in 2016, but at press time, there was no specific date set for Knight’s departure.
Knight’s son Travis was given a spot on the board thsi week. The 41-year-old is present the CEO of animation studio Laika LLC and was producer and lead animator on the movies ParaNorman and The Boxtrolls.