Rimmles has a major endorsement deal with Golden State Warriors CEO Joe Lacob, a source with knowledge of the transaction tells ESPN.
Rimmels said Tuesday that he will leave the shoe giant in 2018, the same year he will step down as CEO of Nike and become the chairman of the Board of Directors of the Warriors, ESPN’s Chris Broussard and ESPN’s Michael Schur report.
Riemels, a native of Switzerland, is in his second term as CEO.
He became chairman of Nike in 2013 and a former chief executive of Puma.
He also serves on the boards of Intel, Microsoft, Cisco and Google.
Rimer said in a statement that he plans to stay involved with Nike and other brands, and he will be part of an advisory board of Nike CEO Stephen Ross, the company said.
Riomens first big buyout in sports apparel, Nike, came in 2009 when he bought the rights to the American football league’s NFL, NBA and NFLPA, with the aim of expanding the sports brand beyond the U.S.
Rims deal includes $2.7 billion in stock, plus $3.6 billion in cash and cash equivalents, plus the right to acquire more than 20 percent of Nike.
He is also expected to receive additional compensation in the form of a cash incentive.
Nike’s shares have surged more than 90 percent since Lacob was named CEO of the NBA in February 2017, driven by the Warriors and Lacob’s endorsement deals with the league and the NBAPA.
Rimmer, 61, was the head of Nike for four decades before becoming CEO.