Nike announced that chairman Phil Knight has retired from the board of directors. Effective immediately, Mark Parker, Nike’s president and CEO since 2006, will serve the additional position of chairman. This is the completion of the planned transition that was initiated a year ago.

The board appointed Knight to the position of Chairman Emeritus, with a standing invitation to attend Nike board meetings as an observer and to lend his experience and time to further the growth of Nike’s business.

The company also announced that Apple CEO Tim Cook has been appointed lead independent director of the board, effective immediately. Cook has been a Nike director since 2005, is chair of the board’s compensation committee and serves as a member of the nominating and corporate governance committee.