A small, Oregon company started back in 1964 now growing into one of the most popular brands of apparel today is having its founder step down.
Nike's Phil Knight announced he will step down as chairman of the company. Mark Parker will replace the 77-year-old.
Knight has an estimated net worth of $24 billion.
"For me, Nike has always been more than just a company -- it has been my life's passion," Knight said in a statement.
