Nike co-founder Phil Knight has officially stepped down from his position as chairman of the board. This is the final step in his transition to retirement that was announced last year. Nike President and CEO Mark Parker will now take on the role of chairman.
Total Retail’s Take: Phil Knight is synonymous with the sporting retailer. For half a century, Knight has been making sneakers that are status symbols for people in many different walks of life. Knight is a fantastic marketer — he took a shoe made for children and turned it into a billion dollar company with celebrity endorsements and appeal. He even brought fashion and professional sports together. Although the company has missed sales estimates for the past three quarters, the 2017 outlook is positive. Let’s see if Parker can make it happen.