Nike CEO Mark Parker is stepping down from his position as chief executive and will be replaced by former eBay CEO John Donahoe, the company said Tuesday.

Parker is stepping down, effective January 13, after 10 years as chief executive of Nike and three years as chairman, president, and CEO. He will become executive chairman of the board of directors and continue to work closely with the senior management team, Nike said in a news release.

Nike announced the management shakeup just hours after Under Armour revealed that its founder, Kevin Plank, would also be stepping down from his role as CEO.

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