Nike board chairman Phil Knight says he'll retire from the company in June.
The Nike co-founder announced last year that he'd be leaving his job as chairman sometime in 2016, but this is the first time he's given a more specific date.
On Tuesday, Knight revealed his exit plan in a wide-ranging interview with CNBC's Sara Eisen on the floor of the New York Stock Exchange.
Knight said it took years of planning to develop his succession plan for Nike.
"I just have a philosophy that it's a lot better to step down two years early than two years late," he said.
Knight has recommend that Nike CEO Mark Parker succeed him as chairman.
The 78-year-old has been on a media tour in recent weeks to promote his new memoir, "Shoe Dog." During Tuesday's interview, Knight also said he doesn't regret letting any athletes go from the brand. That would include Golden State Warriors' Stephen Curry, whose signature shoes have made millions for rival Under Armour since he left Nike.
"There's several that you could say I wish we would have gotten to them in the first place," Knight told CNBC, "but I don't really regret letting (anyone) go."