Nike gave CEO Mark Parker a stock award valued at $30 million today on the condition that he stay with the sportswear giant for the next 5 years.

Bloomberg reports that Nike’s compensation committee cited Parker’s “exceptional leadership” and his part in driving growth for Nike as key reasons for retaining him.

It’s possible that Parker will evolve out of his CEO role next year, as Nike co-founder and chairman Phil Knight is planning to step down from his role at the company and has endorsed Parker as his successor.

Parker took on the CEO role in 2006, and has been with Nike since 1979, when he started as a footwear designer.

Read more on Parker’s award via Bloomberg.

[Via Sole Collector]