The entire athletic and hip-hop community has made Nike a fortune for the last several years. The brand recognition Nike has worked so hard to achieve has brought them to a plateau many companies never see in their lifetime. Many of the successes of Nike can be attributed to their hardworking chairman Phil Knight,76, who has carried the company for over 35 years, but it was recently announced that Knight will step down from his position.

So what will become of Nike as we know it? Well, the former chairman isn’t going away so easily. ESPN Sport’s reports that Knight will take his shares of Nike stock and invest it into a limited liability company called “Swoosh.” The shares being invested into Swoosh are designed to preserve Nike’s long-term vision for the brand.

Mark Parker, Nike’s current CEO, will sit on the board of the new company, along with two other Nike affiliates. This move could prevent Nike from being taken over in the future, which seems like a smart preventative move. Will Swoosh be a Nike 2.0?

Source: Complex

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Seton Hall Alum, Journalist and entertainment publicist, mom and forward thinker!

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