Nike is shuffling its board of directors as it announced Thursday that its founder, Phil Knight, is retiring.
Mark Parker, president and CEO, has been named to the athletic giant's board and will succeed Knight as chairman, effective immediately.
"Phil's impact on Nike is immeasurable," Parker said in a statement. "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."
Knight also said that he has sold his voting interests in Swoosh, a company that holds the majority of the founder's Class A shares, to a trust run by his son, Travis Knight.
CORRECTION: This article has been updated to reflect the correct spelling of Mark Parker's name.