Phil Knight Net Worth: Phil Knight is an American businessman, sports activities fan and philanthropist who has a net worth of $42 billion. Phil Knight earned his net worth because the founder and largest particular person shareholder of Nike Inc.
Early Life: Philip Hampson Knight was born in Portland, Oregon, on February 24, 1938. His dad and mom are Lota Knight (née Hatfield) and Bill Knight, was a lawyer and later a newspaper writer. Knight was raised within the Portland neighborhood of Eastmoreland, and graduated from Cleveland High School. He then continued his training on the University of Oregon, the place he was a member of the Phi Gamma Delta fraternity, labored as a sports activities reporter for the Oregon Daily Emerald, and was a middle-distance runner. He graduated from school in 1959 with a level in journalism.
Career: Following his commencement from the University of Oregon, Knight enlisted within the United States Army, serving one yr of energetic responsibility after which seven years within the Army Reserve. Following the top of his energetic responsibility, Knight enrolled at Standard Graduate School of Business, graduating in 1962 with a grasp’s diploma in enterprise administration. He then set out on a commencement journey which included a cease in Kobe, Japan, the place he found Tiger model trainers, manufactured by Onitsuka Co. in Kobe. He was very impressed by the standard of the footwear and their low price, and managed to arrange a gathering between himself and Mr. Onitsuka. This is how he secured the distribution rights for Tiger within the western United States.
While he was ready for the primary Tiger samples to be shipped to Portland, a course of which took greater than a yr, he took a job as a Certified Public Accountant (CPA) with Coopers & Lybrand, then with Price Waterhouse. He additionally taught as an accounting professor at Portland State University (PSU). After he finally acquired the Tiger trainers, he despatched samples to Bill Bowerman, his previous observe coach on the University of Oregon. Not solely did Bowerman really place an order for the footwear, he really propositioned Knight to turn into his enterprise associate. Thus, on January 25, 1964, Blue Ribbon Sports (BRS) was based; that is the corporate that might later turn into Nike.
Subsequently, Knight started promoting the Tiger footwear out of his automotive, a inexperienced Plymouth Valiant, at numerous observe meets throughout the Pacific Northwest. By 1969, he was making sufficient cash from these gross sales to stop his accountant job and work for Blue Ribbon Sports full-time. The firm was renamed Nike, after the Greek winged goddess of victory, on the suggestion of their first worker, Jeff Johnson. They bought their iconic “swoosh” emblem from graphic design scholar Carolyn Davidson in 1971, paying her $35 for the fee. She was later given an undisclosed quantity of Nike inventory. Over the following 4 many years, Knight grew Nike from a tiny upstart shoe firm, into one of many largest and most well-known manufacturers of all time. In November 2004, he resigned as Nike’s CEO, however he stayed on with the corporate because the chairman of the board. In June 2015, Knight introduced he was stepping down as Nike’s chairman, and he formally retired from the corporate’s board on the finish of June 2016.
In addition to his work at Nike, Knight additionally had a hand within the success of the animation studio Laika. The Will Vinton Studios, an animation firm, had sought exterior buyers because of speedy development within the late 1990s. Knight took on a 15 % stake within the firm in 1998, and his son Travis joined the corporate as an animator. Eventually, Knight bought Will Vinton Studios, and in 2003 he branded the corporate beneath the brand new title Laika. Laika’s first function movie was the cease movement animated movie “Coraline” (2009). Travis knight has since been promoted to be the CEO and president of Laika.
Other Work and Philanthropy: In April 2016, Simon & Schuster printed Knight’s memoir, “Shoe Dog”. Knight has given greater than $1 billion to charity, together with a $500 million donation to the University of Oregon Health & Science most cancers heart; $400 million to Stanford University to begin the Rhodes Scholarship-inspired Knight-Hennessy Scholars graduate-level training program; and $105 million to the Standford Graduate School of Business.
Personal Life: In 1963, Phil Knight married Penelope “Penny” Parks and so they had three grown youngsters, Matthew, Travis, and Christina. The couple had first met whereas he was working at Portland State University. In 2004, Matthew sadly handed away whereas scuba diving in El Salvador because of an undetected congenital coronary heart defect. Phil and his spouse Penelope now reside in Beaverton, Oregon. Phil and Penny, have been very long time contributors and supporters for the University of Oregon athletic fund and have been honored by many instances over by the varsity. The faculty even named the library after his mom and his father’s title seems on the legislation faculty, and the Matthew Knight Arena was named in honor of their late son in 2011. Because of all of the contributions Phil Knight has given to sports activities, he was inducted within the Oregon Sports Hall of Fame.
Net Worth Details: Phil Knight controls 24 % of the world’s largest athletic shoe and sports activities attire firm, Nike. He holds Class A and Class B shares by means of a Delaware-based holding firm appropriately named “Swoosh”. Knight’s son Travis owns 10 % of Swoosh, though they’re nonetheless credited to Phil. Nike had income of $32 billion in 2016 and owns the Converse and Jordan manufacturers.