Nike founder Phil Knight has retired from his position as chairman of the company’s board of directors, the company announced.
Nike announced in June 2015 that Knight, 78, planned to step down at some point in 2016. Nike president and CEO Mark Parker will take Knight’s position as chairman.
“I could not be more pleased with the Board’s thoughtful execution of the succession plan, and am thrilled that an outstanding leader like Mark will head the Board,” Knight said in a statement. “I intend to continue to work to promote the company’s business in my new role for as long as I can contribute to NIKE’s success and long-term growth.”
Knight founded Blue Ribbon Sports in 1964 and changed the company’s name to Nike in 1978. His net worth is $24.1 billion, according to Forbes, making him the 16th-richest person in the United States.