Tim Cook just became Nike's 'lead independent director'

Apple CEO Tim Cook just added a leadership position at another of the world's biggest companies to his resume.

Nike announced Thursday that Cook will serve as "lead independent director" of the company's board as part of a minor seat switch-up. Cook has been a member of the sneaker giant's board of directors for more than a decade.

The Oregon-based company also announced that chairman and co-founder Phil Knight will be retiring from his post as chairman. Nike CEO Mark Parker will assume the position in his place.

Knight, 77, first announced the departure along with his replacement last June.

Knight founded Nike with his former University of Oregon track coach Bill Bowerman in 1964 backed by a mere $500 investment from each. In the ensuing decades, he built the business into a multibillion-dollar corporation through savvy marketing and endorsement deals. 

“Phil’s impact on NIKE is immeasurable,” Parker said in a statement. “His entrepreneurial drive is and always will be part of our DNA. Along with NIKE’s exceptional management team, I am committed to leading our next era of innovation and growth as we serve and inspire athletes throughout the world.”

Apple and Nike have worked together on a few business deals through the years including the Nike running app.

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