Nike Co-Founder Phil Knight Retires

Nike Inc.’s (Beaverton, Ore.) Phil Knight has retired from his post as chairman of the company he co-founded. The role will now fall to President and CEO Mark Parker, reports Women’s Wear Daily.

Apple (Palo Alto, Calif.) CEO Tim Cook, who’s been a director at Nike since 2005, was named lead independent director.

These changes bring the company’s year-long leadership transition to a close. Knight will adopt the title chairman emeritus and is reported to have a standing invitation to attend Nike board meetings as an observer.