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Knight recommended that Chief Executive Mark Parker succeeds him
as chairman. Parker has been CEO since 2006.
Chairman since 2004, Knight said in a statement on Tuesday that
he would continue to play an active role in Nike even after his
tenure ends.
Knight, 76, owned a 16.26 percent stake in Nike as of Dec. 31.
He will transfer most of those shares, representing about 15
percent of Nike's common stock, to Swoosh, a limited liability
company.
Nike said it appointed Knight's son Travis Knight to its board.
The company, which Knight co-founded in 1964 with Bill Bowerman,
has raced ahead of rivals such as Under Armour Inc and Adidas AG
with its Jordan, LeBron and Kobe basketball shoe brands, popular
with young Americans.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Joyjeet Das)
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