Investing.com -- Nike Inc (NYSE:NKE) announced Phil Knight will be succeeded by president and CEO Mark Parker as chairman after the company's founder entered retirement on Thursday.
Parker, who became Nike's CEO in 2006, will join Nike's Board of Directors effective immediately. Nike previously announced last June that Parker would succeed Knight at some point this year.
"Phil's impact on Nike is immeasurable," Parker said in a statement. "His entrepreneurial drive is and always will be part of our DNA. Along with Nike's exceptional management team, I am committed to leading our next era of innovation and growth as we serve and inspire athletes throughout the world."
In addition, Nike announced on Thursday that Apple Inc (NASDAQ:AAPL) CEO Tim Cook has been promoted to the company's lead independent director. Cook has served on Nike's Board of Directors since 2005.
A year later, Nike and Apple launched a comprehensive partnership, helping broaden the iPod experience to personal training and other athletic endeavors. A number of top Nike athletes including Lance Armstrong and marathon world record-holder Paula Radcliffe endorsed the technology. It was also rumored that the companies were on the verge of collaborating on a wearable partnership, before the plans were scrapped due to the rollout of the iWatch.
Knight, 78, was named the 15th richest person in the world by Forbes last November with an estimated net worth of $28.1 billion. Knight, who earned a journalism degree from the University of Oregon in 1959, launched Blue Ribbon Sports with Bill Bowerman, his former Oregon track coach, five years later. The company officially became Nike, Inc. on May 30, 1971.
On Tuesday, Nike said company revenues grew 6% in Fiscal Year 2016 to $32.4 billion, including 12% on a currency-neutral basis. For the year, the company's gross margin expanded 20 basis points to 46.2%, while its earnings per share rose 17% to 2.16.
Shares in Nike inched down 0.20 or 0.36% to 55.00 in after-hours trading.