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Originally Posted by AUGUY55
In other pseudo Oregon related news, Phil Knight is stepping down at Nike. Does this mean anything for Oregon? Or just business will continue as usual there.
Phil stepped down as CEO several years ago but remained Chairman of the Board. Today's announcement was in regards to him transitioning away as COB in a year or so. Here's the key part (hint: he's still filthy rich)
On Tuesday, Knight said he had transferred 128.5 million shares, or about 15 percent of Nike's total outstanding shares, to Swoosh. Because Knight owns a large amount of Nike's Class A shares, which aren't publicly traded, Swoosh now has the power to elect three-quarters of Nike's board.
As of a year ago, Knight owned about 75 percent of Nike's Class A shares and a fraction of a percent of its Class B shares. The Class B shares are currently trading around all-time highs and closed at $108.02 on Tuesday.
On Thursday, Nike said its annual profit grew 22 percent to $3.27 billion and its revenue rose 10 percent to $30.6 billion.