Nike co-founder Phil Knight has stepped down from his role of chairman on the brand's board of directors, Street Insider reports. The management change means a promotion for Mark Parker, CEO and president of Nike since 2006, who will now serve as chairman.

"Phil’s impact on Nike is immeasurable," said Parker. "His entrepreneurial drive is and always will be part of our DNA."

The board has appointed Knight to the role of chairman emeritus.

Knight announced his plan to step down in June, 2015. It's been long expected that Parker would take his place.

Per Street Insider, Nike also announced the appointment of Tim Cook, CEO of Apple, as lead independent director of the board. Cook has served as a director on Nike's board since 2005.