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There is something afoot in the sportswear world. Nike’s long-time President and CEO, Mark Parker, announced he is stepping down and will assume en Executive Chairman role within the company.

When Parker officially relinquishes his role, John Donahoe, currently ServiceNow, Inc’s. President and CEO will be taking his place. Donahoe also previously served as President and Ceo of eBay, Chairman of PayPal Holdings, Inc plus CEO and Worldwide Managing Director of Bain & Co.

In a statement, Parker added this about Donahoe taking his role:

“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. I look forward to continuing to lead the Board as Executive Chairman, as well as partnering closely with John and the management team to help him transition to his new role.”

Donahue also a Nike board member since 2014 added:

“It is an honor to become President and CEO of this amazing, innovative company, and to join the more than 76,000 talented and passionate employees dedicated to serving athletes. Over the last five years, I’ve been proud to be connected to Nike through my role on the Board and now look forward to being a full-time member of the team, working even more closely with Mark, building on Nike’s success and seizing the opportunities ahead.”

Parker’s impending exit from Nike is raising eyebrows because it follows Kevin Plank stepping down as Under Armour’s CEO and adidas executive, Eric Liedtke leaving his post by the end of the year. Many believe something big is possibly coming in the sneaker industry.

We are intrigued as well and will be keeping tabs on this situation.

Photo: Ted Soqui / Getty