Mark Parker to step down as Nike CEO after 13 years

New York (CNN Business)Mark Parker will step down as Nike's CEO next year after 13 years leading the footwear company, Nike announced Tuesday.

Parker will hand the reins to John Donahoe, a current Nike (NKE) board member and CEO of cloud computing company ServiceNow, Inc. (NOW) Parker, previously chairman of the Nike board, will become executive chairman after he steps down, which he is set to do on January 13, 2020.

Nike's stock bumped up 0.5% in after-hours trading Tuesday.