The Beaverton, Oregon-based company – Nike – is soon going to witness the exit of its chairman, Phil Knight, the man who turned a business selling shoes out of the back of his car into the world’s most valuable sports brand.
Knight, 77, began the company in a handshake deal with Oregon coach Bill Bowerman in 1964, with each putting up $500. With shrewd marketing campaigns built around celebrity endorsers like Michael Jordan and Tiger Woods, he made the swoosh one of the most recognizable logos around the globe. That phenomenal growth also landed Knight on Forbes magazine’s list of 50 richest people in the world, with a net worth estimated at $24 billion.
“For me, Nike has always been more than just a company – it has been my life’s passion,” Knight said in a statement.
After he made his plans public knowledge, Nike also named Knight’s son Travis to a spot on the board Tuesday. Travis Knight, 41, is the CEO of animation studio Laika LLC and was producer and lead animator on the movies ParaNorman and The Boxtrolls.
Knight said he wants Nike president and CEO Mark Parker, who has held those positions since 2006, to succeed him. No specific date was set for Knight’s departure, though he said he plans to stay involved in the business. Nike Inc. said it expects to name a new chairman in 2016.
By 1969, Knight was making enough selling shoes to quit his full-time job as an accountant and devote himself to the footwear company. Two years later, he paid $35 to Carolyn Davidson for the original swoosh logo design now plastered across the uniforms and shoes of athletes from the World Cup to little leagues.
Knight also says he will transfer most of his Nike stock to a limited liability company called Swoosh LLC. The directors of the company will be Knight himself, Parker, and Nike directors Alan Graf and John Donahoe.
Knight says the move will help keep Nike’s corporate governance strong.