Phil Knight, a former collegiate runner, began selling Japanese manufactured running shoes shortly after graduating from college in the early 1960s. When, in 1971, his Japanese supplier tried to take over his business, Knight broke away and began manufacturing his own shoes, called Nike, designed by his former college running coach. After much success over the next twelve years, Knight handed off the role of president to a longtime employee and took off for an extended trip through China in the spring of 1983. The company almost immediately began to sputter and Knight returned as president in the fall of 1984. By mid-1997, Nike had become a giant, controlling over 40 percent of the U.S. footwear market. Once again, Knight checked out spending less and less time at Nike. In a very short time Nike's sales stagnated. By 1999 Knight was back and once again revived the company. In early 2005, Knight named Bill Perez as his replacement and the new CEO of Nike.

Source: Daniel Roth, "Can Nike Still Do It without Phil Knight?" Fortune, April 4, 2005, pp. 58–66.