Nike names Apple's Tim Cook as lead independent board member

Nike Inc. late Thursday named Apple Inc.'s Chief Executive Tim Cook as its lead independent board member. Cook has been on Nike's board since 2005. The move comes as Nike Chairman Phil Knight stepped down in a planned succession, with Nike CEO Mark Parker taking on the added role of chairman. Knight was named Chairman Emeritus. Shares of Nike declined 0.5% to $54.90 after hours.

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