Nike founder Phil Knight to step down as chairman

New York

PHIL Knight, who built Nike from a modest US shoe company into a global sports giant and marketing juggernaut, will step down as chairman next year, the company announced on Tuesday.

No departure date was set for Mr Knight, a former track standout at the University of Oregon who launched Nike in 1968 after first selling sneakers out of his car and now has a massive headquarters campus in Portland, Oregon. "For me, Nike has always been more than just a company - it has been my life's passion," Mr Knight said.