The founder of Nike, Phil Knight, who turned a $500 (£320) investment into a $24 billion fortune, is stepping down as the iconic sports brand’s chairman.
“For me, Nike has always been more than just a company — it has been my life’s passion,” Knight said.
A middle distance runner in college, Knight, 77, began the running shoes company in a handshake deal with an Oregon coach, Bill Bowerman, in 1964, with each putting up $500.
Forbes ranked him the 43rd richest person in the world last year.
Canny marketing campaigns, built around celebrity endorsers including Michael Jordan, Maria Sharapova and Tiger Woods, made the Nike swoosh one of the most recognisable logos around the globe.
Nike also sponsors teams including Manchester United and Queens Park Rangers and is the NFL's licensed-apparel maker.
Forbes ranks it as the world's most valuable sports brand, with an estimated worth of $15 billion.
Knight said he wanted Nike president and chief executive Mark Parker to succeed him.
