Published June 30, 2015 4:57pm EDT | Updated July 23, 2015 8:41am EDT

Nike Looks For New Chairman; Swoosh LLC To Hold Knight's Shares

Nike Inc. said late Tuesday it's officially looking for a new chairman to succeed founder Phil Knight, while Knight created a limited liability company to control his stake. The company expectes to have a new chairman "sometime in 2016." Knight created Swoosh LLC to hold his 128.5 million shares of Nike stock, a 15% stake in the company. Also, Knight's son, Travis Knight, was appointed to the Nike board.