Nike Co-Founder Phil Knight to Step Down as Chairman

Nike co-founder Phil Knight said on Tuesday that he's stepping down as the sports gear giant’s chairman next year. Knight, 77, wants to stay involved with Nike after he steps down as chairman. The iconic businessman will transfer ownership of his shares in the company to a limited liability entity, Nike said in a statement. Nike also is appointing Travis Knight, his 41-year-old son, to the board.