Nike has announced that co-founder and CEO Philip Knight will step down on December 28, 2004, to be succeeded by William D. Perez, who will be appointed as Nike’s president, CEO and director.

Perez is the former president and CEO of S.C. Johnson, the global consumer products company.

In 1972, Knight founded Beaverton, Oregon-based Nike with University of Oregon track team coach Bill Bowerman. In the early years of Nike, Knight often sold shoes from his car trunk.

In fiscal 2004, Nike reported $12.3 billion in revenue. It employs 24,000 people globally with sales in 200 countries.

Nike’s subsidiaries include Converse, action sports brand Hurley and the Cole Haan luxury accessories label.

Knight will retain his role as chairman of Nike’s Board of Directors.