The man who was hand-picked by Nike co-founder Phil Knight to take over the day-to-day management of the largest sportswear company in the world is stepping down from his role.
Mark Parker, who joined Nike in 1979 as a designer and took control of the company in 2006, will step aside as CEO and be succeeded by 59-year-old technology industry veteran John Donahoe, a former chief executive at eBay
Nike has seen great success under Parker’s with sales more than doubling during his tenure. With a market value of roughly $150 billion, Nike has more than twice as much revenue as its rival Adidas.
When Donahoe takes over as CEO in January, 64-year-old Parker will become Nike’s executive chairman.
Donahoe was selected by Nike board members to take over as CEO because of his experience running e-commerce and tech companies, a Nike spokesman told The Wall Street Journal. “John is the right leader, a proven CEO, who is no stranger to Nike and will help accelerate our digital transformation,” the spokesman said.
In a related piece of news, Under Armour founder Kevin Plank is stepping down as the company’s CEO at the end of the year, the company announced yesterday.
Plank, who has a 15 percent stake in the company, will serve as the company’s executive chairman and take a new role as brand chief.
Patrik Frisk, Under Armour’s current COO, will take over as CEO at the end of the year.
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