Nike Inc co-founder Phil Knight has decided to step down as the chief executive officer and president of the $12 billion shoe and clothing giant with effect from December 28. He did not give any reason for his resignation.
William D Perez, head of S C Johnson & Son Inc, maker of Glade air fresheners and Drano drain cleaner, will succeed Knight as Nike's CEO.
The legendary Knight, 66, who co-founded the company with his friend Bill Bowerman over three decades ago, turned Nike into the world's largest shoe manufacturer and one of the best known brands. He will remain as chairman of the Nike board of directors.
Reports say that Knight's resignation has not surprised business circles as the company's search for his successor had been going on for almost a year.
Perez joined S C Johnson in 1970 and rose up the ranks to lead the company by 1993.
Perez said to the media that he is new to the shoe business, but his experience at marketing consumer products help him succeed in his new role.