The world's most valuable apparel brand, Nike, is set to usher in a new era, as founder and chairman, Phil Knight, announces that is stepping down. 77-year-old Knight has recommended that mark Parker, Nike's current CEO, step into the role as chairman:

"I believe Mark is the best choice to succeed me. He has been an outstanding CEO for the past nine years, and has demonstrated time and again his love for this company and his clear vision for capturing the tremendous potential Nike has to innovate, inspire, and drive growth. For myself, I intend to continue to work with Nike and look forward to contributing to its future well after my chairmanship ends." Said Knight. 

As for his plans for the future, he has revealed that he will be transferring the majority of his shares to a newly formed company called Swoosh, which will have its own independent  board of directors, "designed to make thoughtful and forward-looking decisions with respect to the ongoing voting and management of those shares," continued Knight. 

This news comes on the same day that Donna Karan announced that she will be stepping down as the lead designer of the label that she founded, some 30 years ago (get the full scoop here). We look forward to seeing Nike's continued innovation going forward under new leadership.