Nike CEO Philip Knight resigned

The co-founder of Nike Inc. Philip Knight has resigned from his position as chief executive officer, the company said on Thursday.

William Perez, who ran S.C. Johnson & Son Inc., will succeed Knight, who will remain as chairman of Nike, the world's largest athletic &to=http:// ' target=_blank>shoe company, as CNN/Money reported.

According to The Street, Knight, who founded Nike in 1972 with University of Oregon track coach Bill Bowerman, will remain Nike's chairman. Knight asked the corporate governance committee of Nike's board to start a search for potential successors last year.