Last summer, it was reported that Nike co-founder Phil Knight would be relinquishing his position as the company's chairman sometime this year. Now, nearly a year later, Knight has revealed more details on his departure.
During an appearance on CNBC's Squawk on the Street, Knight said that he will step down as chairman in June. Current Nike CEO Mark Parker will take over chairman duties, while brand president Trevor Edwards will fill Parker's role as CEO.
It's been a busy week for Knight, who revealed that he would give the majority of his $25 billion fortune to charity during an interview on CBS earlier this week. This latest news comes as Knight's memoir, Shoe Dog, officially releases today.
