Nike Inc. (NYSE: NKE) co-founder and Chairman Phil Knight dispersed about $1.32 billion worth of his shares in the company into three trusts, according to a filing with the Securities and Exchange Commission on Wednesday.
Knight, who co-founded the company in 1968, placed 20 million shares into the grantor retained annuity trusts. He still retains about 65.7 million shares, about 13.5 percent of the company, worth about $4.35 billion, according to the filing.
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These trusts, which are commonly used for estate planning, are being overseen by Pat Kilkenny, a former University of Oregon athletic director and former chairman and CEO of Arrowhead General Insurance Agency.
The company's revenue rose 3 percent to $19.2 billion in fiscal 2009.
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