(Corrects paragraph 3 to say Knight will contribute 128.5 mln shares to Swoosh, not that he owns only those shares)
June 30 (Reuters) - Nike Inc, the world’s biggest sports shoe company, said it had started a succession plan for Chairman Phil Knight and said he would transfer his ownership in the company to Swoosh, a limited liability company.
Knight said he recommended current CEO Mark Parker to succeed him as chairman, expectedly in 2016.
Nike said Knight will contribute 128.5 million Class A common stock in the company to Swoosh, which represented about 15 percent of combined total outstanding Class A and Class B common stock. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Joyjeet Das)