Nike, Inc.

Phil Knight will be stepping down next year as the chair of Nike. The company announced that Tuesday, among a series of actions meant to provide "long-term stability."

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In a press release, Knight said, "For me, Nike has always been more than just a company – it has been my life’s passion."

Phil Knight co-founded Nike and has been a director of the company since 1968. He's 76 now, and has told Nike’s Board of Directors that he recommends Mark Parker to succeed him as chairman

Parker is what’s known as a "lifer" at Nike. He joined the company as a designer in 1979 and he’s credited with overseeing a tremendous period of growth since 2006.

Nike said it expects to name a new chairman in 2016, but no specific date was set for Knight's departure.

Phil Knight’s son, Travis Knight, was named to a spot on the board. The younger Knight is best known for his leadership of Laika, an animation company famous for films including "The Boxtrolls" and "Coraline."

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