Nike CEO quits, replaced by Parker

Sportswear giant Nike announced today that chief executive William Perez has resigned from his position following disagreements with founder and chairman Philip Knight. The company has appointed co-president Mark Parker to replace Perez. Parker will also take his place on the company's Board of Directors.

Perez had only been with Nike for 13 months, joining the company from SC Johnson, before his resignation was announced.

"Succession at any company is challenging, and unfortunately the expectations that Bill and I and other had when he joined the company a year ago didn't play out as we had hoped. I want to personally thank Bill for his dedication and commitment over the past year," Knight said in a statement.

Perez said: "I have great respect for the Nike brand, the company and the board. Nike is an incredible organization with tremendous growth opportunities. However, Phil and I weren't entirely aligned on some aspects of how to best lead the company's long-term growth. It became obvious to me that the long-term interests of the company would be best served by my resignation."

Meanwhile, Parker has been with Nike for 27 years. He is responsible for the Nike Air franchise, among others. He served in various management functions in product design, development, marketing and brand management. Prior to 2001, when Parker was appointed to head up the Nike brand with co-president Charlie Denson, he ran the company's footwear and apparel business. Denson will now carry on as president of the Nike brand.

"I've spent my life building the Nike brand, and I'm excited to lead one of the world's most dynamic organisations," Parker said. "I am committed to continue delivering profitable growth for our shareholder, creating distinctive product innovation and compelling brand connections for consumers, and building strong relationships with our retail partners. We have a strong management team in place that I will continue to develop, and I have tremendous confidence in our ability to continue growing the Nike Inc portfolio and delivering long-term value to shareholders."