Phil Knight the Nike Co-founder who helped establish the brand in 1968, originally as Blue Ribbon Sports has decided to resign as Chairman in 2016.

According to Knight he stated:

“I am confident that as CEO of Nike Inc., Bill will lead Nike’s extraordinary team of people to create an even bigger and better global company,” 

Phil Knight also said that he will transfer $13.88 billion of his Nike stock into a new LLC called Swoosh. The directors of the company will be Knight himself, Parker, and Nike directors Alan Graf and John Donahoe. On Tuesday, Knight said he had transferred 128.5 million shares, or about 15 percent of Nike’s total outstanding shares to Swoosh.

 Phil-Knight

Knight resignation is effective December 28th & did not give did not give a reason why he is giving up his titles. So make sure to stay tuned for more details about Phil Knight resignation.

[Via The Big Story]