Phil Knight announced his intention to step down as Nike's chairman and he wants current CEO Mark Parker to take over his position. Knight's son, Travis Knight, a film executive and an animator, was recently placed as one of Nike's board of directors.

The announcement was made by Nike, NY City reported. There's no specific date as of now but Knight said that he will still help the company.  Knight issued the following statement: "For me, NIKE has always been more than just a company - it has been my life's passion. Over the years, I've spent a great deal of time considering how I might someday evolve my ownership and leadership of NIKE in a way that benefits all of our stakeholders. Today, we have taken a number of important steps that will continue to promote NIKE's long-term growth."

Knight founded NIKE back in 1964, together with his coach Bill Bowerman. At the time, Knight was selling running shoes using the trunk of his car.

The NY TImes reported that Knight felt that it is important to plan his exit as well as the proper succession.  Knight added, "I believe Mark is the best choice to succeed me." The final decision on the matter is still going to be made by the board of the company.

According to TIME, most of Knight's share in the company will be transferred to a new company known as Swoosh LLC and Knight will manage it directly together with Parker and two directors from Nike, namely Alan Graf and John Donahoe.

CEO Mark Parker said in a statement that it has been his privilege to work with Knight for the past 35 years.  He added, "Nike exceptional management team and I are committed to building on Phil's vision to drive the next era of growth."