Nike co-founder Phil Knight Retires From Board

BEAVERTON, Ore. (AP) —Nike says Phil Knight, its co-founder and chairman, has retired from its board. CEO Mark Parker is the new chairman.

Apple CEO Tim Cook, on the board since 2005, becomes the lead independent director.

Knight had said a year ago that he planned to step down. He said then he wanted Parker to replace him.

Knight started the Nike by selling shoes out of the back of his car and built it into the world's largest athletic shoe and clothing company.

He becomes the Beaverton, Oregon-based company's chairman emeritus. He will be able to attend Nike board meetings as an observer.