Nike CEO Mark Parker Stepping Down From Position in 2020

Parker, who became Nike CEO in 2006, will become Nike’s executive chairman

Nike CEO Mark Parker Stepping Down From Position in 2020
Mark Parker speaks during the 2016 Nike New Innovations Debut. (Mike Pont/WireImage)
WireImage

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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