Nike Inc. chairman Philip H. Knight placed $1.32 billion worth of Nike company stock into three trusts, according to a regulatory filing with the Securities and Exchange Commission.
This story first appeared in the January 4, 2010 issue of WWD. Subscribe Today.
Knight moved a total of 20 million shares in three separate transactions, said the regulatory filing. He contributed 6.6 million shares of Class A common stock to The Philip H. Knight 2009 Annuity Trust N1, and 6.7 million shares each to The Philip H. Knight 2009 Annuity Trust N2 and The Philip H. Knight 2009 Annuity Trust N3. These trusts are typically used for estate planning purposes.
The company did not return a call seeking comment.
The filing said the Nike co-founder still owns 65.7 million shares of common stock, or 13.5 percent of the company, after the move. The stake was worth about $4.35 billion at the market’s close on Wednesday.