Nike says Phil Knight, its co-founder and chairman, has retired from its board. Chief executive officer Mark Parker is the new chairman. Apple chief executive officer Tim Cook, who has been on the board since 2005, becomes the lead independent director.
Knight had said a year ago that he planned to step down. He said then he wanted Parker to replace him. Knight started Nike by selling shoes out of the back of his car and built it into the world's largest athletic shoe and clothing company.
He becomes the Beaverton, Oregon-based company's chairman emeritus, and will be able to attend Nike board meetings as an observer.