The move sees Cook sharing his role at the tech giant and the sportswear label after the retirement of Nike’s founder and chairman of the board, Phil Knight. Those wondering what experience Cook has in the sporting apparel industry will be glad to know that he has actually been a Nike board member since 2005.
This trajectory has been in place since last year with president and CEO Mark Parker moving into the chairman position. The Apple CEO’s new position at Nike will provide support for independent leadership on the board to offset the occasion where the chairman and CEO of a company is the same person.
This directorial cross pollination shouldn’t hurt either of the two companies as the pair have already seen a cosy relationship over the past few years. What Nike does need to be concerned about however is the surging competition over at Adidas and Under Armour.
In a statement on the Nike page, Mark Parker said:
“Phil’s impact on Nike is immeasurable. 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.”