Nike announced today it was removing Joe Paterno's name from its child care center on its world headquarters campus near Beaverton.

The sports equipment and apparel company made the announcement just hours after the release of a devastating report about Penn State University officials' conduct in the Jerry Sandusky scandal. The Freeh Group's report says that in order to avoid bad publicity, president Graham Spanier, football coach Joe Paterno, athletic director Tim Curley and vice president Gary Schultz "repeatedly concealed critical facts." The investigation concludes that the administrators who fielded a 2001 complaint about him created a dangerous situation for future victims by not reporting the matter.

Mark Parker, president and chief executive officer of the company, said in a statement he decided to change the name of the Joe Paterno Child Development Center because of the report's findings.

"I have been deeply saddened by the news coming out of this investigation at Penn State," said Parker, who is a Penn State graduate. "It is a terrible tragedy that children were unprotected from such abhorrent crimes."

Phil Knight, co-founder and chairman of the board of Nike, also issued a statement:

"Other than my parents, my college coach, Bill Bowerman, was the biggest influence in my life. Bill Bowerman and Joe Paterno shared some great qualities. Throughout Joe Paterno's career, he strived to put young athletes in a position to succeed and win in sport but most importantly in life. Joe influenced thousands of young men to become better leaders, fathers and husbands.

"According to the investigation, it appears Joe made missteps that led to heartbreaking consequences. I missed that Joe missed it, and I am extremely saddened on this day. My love for Joe and his family remains."