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Nike outlines Chairman Knight's succession plan


    (Reuters) - Nike Inc , the world's biggest sports shoe company, said it had started a succession plan for Chairman Phil Knight and said he would transfer his ownership in the company to Swoosh, a limited liability company.

    Knight said he recommended current CEO Mark Parker to succeed him as chairman, expectedly in 2016.

    NIKE (NKE.NY)said Knight owned 128.5 million Class A common stock in the company which represented about 15 percent of combined total outstanding Class A and Class B common stock.

    (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Joyjeet Das)