Nike founder to step down as chairman

Nike Inc. announced its chairman and founder Phil Knight will step down next year, and he has recommended CEO Mark Parker as his successor.

Knight, 77, started the company through a handshake deal with Oregon coach Bob Bowerman in 1964, with each putting up $500. With marketing campaigns using celebrities like Michael Jordan and Tiger Woods, he made the Nike swoosh one of the most well-known logos in the world, according to The Associated Press.

Knight also says he will transfer most of his Nike stock to a limited liability company called Swoosh LLC. The directors of the company will be Knight himself, Parker and Nike directors Alan Graf and John Donahoe.

Read more from The Associated Press.