Phil Knight working on succession plans at Nike

Phil Knight, co-founder of Nike, has revealed plans to prepare the company for a new generation at the helm of the Swoosh corporation. It was said that the 77-year-old aims to hand over his own shares to a limited liability company. The current chief executive, Mark Parker, is said to succeed Knight as chairman of the group.

Travis Knight, the son of the sporting goods tsar, has been appointed as a new member of the board. His father is expected to transfer his responsibilities to Parker in the course of next year.

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