Nike CEO Mark Parker steps down

The sportswear king has a new leader. Mark Parker, chief executive officer of Nike, is stepping down early next year, the company said on Tuesday.

He will be replaced by John Donahoe, a member of Nike’s board and current CEO of cloud computing company ServiceNow. Previously, Donahoe was CEO of Ebay from 2008 to 2015 and the worldwide managing director of Bain & Co. from 1999 to 2005.

Parker will become executive chairman of the company on January 13, leading the board of directors.

Nike’s news come only hours after rival Under Armour also named a new CEO. The company’s founder Kevin Plank will leave its role on January 2020 and will be replaced by operations head Patrick Frisk.

Nike revenues rose 6% in 2018, to $36.4 billion, up 4% on a currency-neutral basis. Net income decreased 54% to $1.9 billion primarily related to the impact of the Tax Act, which offset revenue growth.