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Co-founder of Nike Phil Knight is retiring from his position as chairman, at a time when the brand is under increasing pressure from the likes of adidas and Under Armour.
Nike president and CEO Mark Parker will take on the chairman role, which has left the door open for Apple CEO Tim Cook to take on a slightly different role on Nike’s board to the one he’s occupied since 2005.
Cook will now become lead independent director of the board, a position created for him given Parker’s role as both chairman and CEO.
Apple and Nike have enjoyed a close relationship down the years, with Apple devices long featuring a Nike+ running app.
Knight steps down after co-founding Blue Ribbon Sports 52 years ago, the company that would go on to become Nike in 1978. He’ll serve as chairman emeritus, while his voting interests have been sold to his son Travis, who sits on the board. Travis holds two of his father’s votes on the Swoosh board while CEO Parker holds the other three.
