Nike chief executive Mark Parker will stand down next year as the brand and retailer continues to pivot its business towards digital.

Parker will be succeeded in January by John Donahoe, already a Nike board member. Donahoe is chief executive of ServiceNow, chair of PayPal and a former chief executive of eBay.

Parker, who has run Nike for the last five years and will become executive chair, said the change would enable the business to take advantage of new opportunity.

He said: ”This is an exciting time for Nike where we see brand strength and momentum throughout the world and great opportunity for future growth.

”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.”