Apple CEO Tim Cook has been named the independent director of multinational sportswear company Nike.

The appointment is part of a reshuffle that sees co-founder and chairman Phil Knight retire from the board, with Mark Parker stepping in as the new chairman. All changes are effective immediately.

Cook has been part of the board at Nike since 2005. His appointment as lead independent director will be on top of duties as chair of the compensation committee and with the nominating and corporate governance committee, for which he's charged with discharging the board's responsibilities, evaluating the performance of the CEO, and overseeing the administration of the company's executive compensation plans.

Unsurprisingly, Cook will stay with Apple as the company's CEO. Cook joined Apple in 1998 as senior vice president of worldwide operations before being made executive vice president.

Apple has previously partnered with Nike for its Nano iPod for runners, allowing the device to track data captured in the soles of Nike running shoes.

With AAP