the artist known az
Hail the victors
Phil Knight, who more than 50 years ago co-founded the sports footwear and apparel company that became the world's largest, on Tuesday announced plans to step away from the company.
Nike issued statements saying Knight, 77, had recommended that chief executive Mark Parker replaced him as company chairman, a change likely to occur in 2016.
Knight also announced that he had created a limited liability company called Swoosh that would hold a majority of his Nike Class A Common Stock shares.
"Swoosh will itself have a governance structure that is designed to make thoughtful and forward-looking decisions with respect to the ongoing voting and management of those shares," Knight said. "I believe this structure will maintain Nike's strong corporate governance, which has focused our management on serving the consumer and pursuing profitable, long-term growth."
Also, the company announced that Knight's son, Travis Knight, 41, chief executive of movie studio Laika, would join the Nike board of directors.
Nike issued statements saying Knight, 77, had recommended that chief executive Mark Parker replaced him as company chairman, a change likely to occur in 2016.
Knight also announced that he had created a limited liability company called Swoosh that would hold a majority of his Nike Class A Common Stock shares.
"Swoosh will itself have a governance structure that is designed to make thoughtful and forward-looking decisions with respect to the ongoing voting and management of those shares," Knight said. "I believe this structure will maintain Nike's strong corporate governance, which has focused our management on serving the consumer and pursuing profitable, long-term growth."
Also, the company announced that Knight's son, Travis Knight, 41, chief executive of movie studio Laika, would join the Nike board of directors.
