Nike on Thursday announced that it has appointed Tim Cook the lead independent director of its Board. The move is effective immediately, and comes as part of a larger shuffling in which Nike Chairman Phil Knight retires, and is replaced by long time president and CEO Mark Parker.
NIKE, Inc. (NYSE:NKE) today announced that NIKE Chairman Phil Knight has retired from the Board of Directors and the Board has appointed Mark Parker, Nike’s President and CEO since 2006, to the additional position of Chairman, effective immediately. This is the completion of the planned transition that was initiated a year ago.
“Phil’s impact on Nike is immeasurable,” said Parker. “His entrepreneurial drive is and always will be part of our DNA. Along with Nike’s exceptional management team, I am committed to leading our next era of innovation and growth as we serve and inspire athletes throughout the world.”*
The Board has also appointed Knight to the position of Chairman Emeritus, with a standing invitation to attend Nike Board meetings as an observer and to lend his experience and time to further the growth of Nike’s business.
Cook has been a Nike director since 2005, is chair of the Board’s Compensation Committee and a member of the Nominating & Corporate Governance Committee. Apple and Nike have long had a close relationship, collaborating on projects such as Nike + iPod sensors and software.