Nike Co-founder Phil Knight officially retires as its Chairman

On Thursday, Nike, the global leader in the athletic gear segment officially announced departure of the company’s Co-Founder and Chairman Phil Knight. Nike’s CEO Mark Parker has taken over the Chairman’s role from Knight. The company also announced that Apple CEO Tim Cook has now become the Lead Independent Director on its board.

Knight to serve as Chairman Emeritus of Nike

After the transition plan was chalked out a year ago, when Knight had expressed his desire to remain involved with the company he co-founded with Bill Bowerman. So the board as announced him as Chairman Emeritus and he would be a part of all Nike board meetings as an observer and the guiding force.