More than 50 years ago Phil Knight co-founded Nike, a company that is now the biggest sportswear brand in the world. Forbes ranked Nike number 18 on the 2015 brand-power list with $28 billion in sales based on the latest fiscal year, so it's no surprise that Knight is raking in huge amounts of cash.
Knight stepped down from CEO for a chairman position more than 10 years ago and now he's taking an even bigger step. The 77-year-old co-founder said he is stepping down and retiring from the company, but that doesn't mean the money will be slowing down. According to Fool, Knight's wealth will continue to grow as Nike shares increase in value. With a reported net-worth of $24.7 billion, as of August 2015, Forbes named Knight the 35th richest person in the world.
In a statement from Nike, Knight said, "For me, Nike has always been more than just a company -- it has been my life's passion." Regardless of his position at Nike, it's safe to say he Knight will still be an influence on the brand. He continued to say, "For myself, I intend to continue to work with Nike and look forward to contributing to its future well after my chairmanship ends."
If it wasn't apparent already, now might be the best time to buy a few Nike shares because the company isn't going anywhere but up.
