The Beaverton, OR-based athletic apparel retailer said Chairman Phil Knight has retired from the board of directors. He will be replaced by CEO Mark Parker, effective immediately.
Additionally, Apple (AAPL) CEO Tim Cook has been appointed lead independent director of the board, also effective immediately.
Cook has been on Nike's board since 2005.
"This is the completion of the planned transition that was initiated a year ago," Nike said in a statement.
Earlier this week, Nike reported mixed results for the 2016 fiscal fourth quarter.
About 17.34 million of Nike's shares changed hands today vs. its average volume of 13.16 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: NKE