Co-founder of then Blue Ribbon Sports in 1968 and now known as Nike, Phil Knight has decided to resign as Chairman. That’s a tough thing to come to terms with if you’re the top dog at the world’s largest athletic shoe and clothing maker.

Under Knight’s direction, Nike has become a $12 billion global business, selling apparel and equipment with an ever wider range of shoes.

“I am confident that as CEO of Nike Inc., Bill will lead Nike’s extraordinary team of people to create an even bigger and better global company,” Knight said in a prepared statement.

He did not give a reason for relinquishing the titles. His resignation is effective Dec. 28.

Darren Rovell reports Mark Parker has been recommended for the position, while the Seattle Times suggests Phil Knight will be succeeded by William Perez, head of S.C. Johnson & Son, maker of Glade air fresheners and Drano drain cleaner. Stick with TSG as this story develops.