Nike Chief Executive Mark Parker will step down from his role in the company effective Jan. 13, 2020, the company said Tuesday in a Securities and Exchange Commission filing. Parker will remain at Nike as Executive Chairman of the company’s board. 

John J. Donahoe II, a director at the company and former chief executive of eBay, will succeed Parker as chief executive in January. Donahoe has served in many executive positions at various companies. He is currently the chief executive of cloud computing company ServiceNow and served as the chief executive of consulting company Bain & Company from 1999 to 2005, according to the SEC filing. 

“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,” Donahoe said in a press release. 

Under the terms of his employment, Donahoe will receive a base salary of $1.5 million a year and is eligible for incentives of up to $3 million per year, according to a letter attached to Nike’s filings. 

Parker joined Nike in 1979 and has served as the company’s chief executive since 2006. The Wall Street Journal reported in 2018 that Parker said he would ”remain Nike’s chairman and CEO beyond 2020.” 
Under the terms of his departure from the company, Parker is eligible to receive a $10 million performance based cash award that “will be earned based on achievement of the key transition-related performance metrics for the performance period” between Jan. 13, 2020 and May 31, 2021. Donahoe will also be eligible for a $10 million transition bonus, according to the filing.
This story was updated the afternoon of Oct. 22.