Nike co-founder, Phil Knight, announced that he will be stepping down from his position as company chairman this upcoming June. The 79-year-old Knight hinted at this decision during 2015, but did not confirm an exact date at the time. Coincidentally, the announcement came on the same day he published his book, “Shoe Dog“. The book is a memoir about the Nike’s start-up, and meteoric rise into the global conglomerate that is now. Knight confirms that he has been considering the company’s succession plan for years now stating, “I just have a philosophy that it’s a lot better to step down two years early than two years late,”.
Phil Knight has been one of the most successful entrepreneurs of our era, sporting a net worth of 25 billion dollars. Although Knight is very wealthy, he has no problem being generous with said wealth. By now most sports fans are aware of Knight’s relationship as graduate from the University of Oregon, where he has donated massive amounts of money along and supplied the football team with more uniform combinations than they can handle. Knight claims that his plan is to donate the majority of his remaining fortune to charity when it’s all said and done. Earlier this year, Knight donated $400 million to Stanford University as a gift for the new Knight-Hennessy Scholars Program on campus.
Nike has dominated the shoe industry for decades now, and the current status or growth of the company is astonishing considering that Knight was initially selling sneakers out of his own trunk back in 1972. If anything, let that should serve as motivation for all aspiring entrepreneurs striving for success. We pay respect to one of the greatest creative/business minds of our generation.