Mark Parker is stepping down as Nike's president and CEO. The company announced John Donahoe will succeed Parker, effective January 13 2020, with Parker becoming executive chairman of the board.

Donahoe has been a member of the board since 2014 and will remain so. He was previously the president and CEO of eBay, and prior to that served as the CEO of Bain & Co. Currently, he's president and CEO of ServiceNow and also serves on the board of directors.

"This is an exciting time for Nike where we see brand strength and momentum throughout the world and great opportunity for future growth," Parker said in a statement. "I am delighted John will join our team. His expertise in digital commerce, technology, global strategy and leadership combined with his strong relationship with the brand, make him ideally suited to accelerate our digital transformation and to build on the positive impact of our Consumer Direct Offense."

Parker has been the CEO since 2006, adding president to his title in 2016.

Donahoe gave the following statement: "It is an honor to become President and CEO of this amazing, innovative company, and to join the more than 76,000 talented and passionate employees dedicated to serving athletes. "Over the last five years, I’ve been proud to be connected to Nike through my role on the Board and now look forward to being a full-time member of the team, working even more closely with Mark, building on Nike’s success and seizing the opportunities ahead."

Interestingly enough, earlier today, Under Armour founder Kevin Plank announced he would be resigning as CEO.