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Bill Bowerman

Nike co-founder Knight will step down as chairman

Nike Chairman Phil Knight, who turned a business selling shoes out of the back of his car into the world's most valuable sports brand, has announced plans to step down as company chairman. Knight, 77, was a middle distance runner in college who began the company in a handshake deal with Oregon coach Bill Bowerman in 1964, with each putting up $500. With shrewd marketing campaigns built around celebrity endorsers like Michael Jordan and Tiger Woods, he made the swoosh one of the most recognizable logos around the globe. That phenomenal growth also landed Knight on Forbes magazine's list of 50 richest people in the world, with a net worth estimated at $24 billion. "For me,...

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