Almost one year after he announced that he would be retiring, Nike co-founder Phil Knight has officially stepped down as the chairman of the company, vacating his role on Nike’s Board of Directors. The move makes current CEO Mark Parker the new chairman and Apple CEO Tim Cook will fill the role of lead independent director.

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Mark Parker:

“Phil’s impact on Nike is immeasurable,” said Parker. “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.”

The 78-year-old, who amassed an estimated $25 billion fortune, reportedly plans to give away much of his earnings to charity.