Phil Knight founded Blue Ribbon Sports in 1964, which later became Nike Corporation in 1996. Starting with a distribution deal in Japan, Knight and his former track coach Bill Bowerman grew the company into one of the largest shoe and clothing companies in the world. While criticized for labor practices, Knight ensured better regulations in Nike factories. Knight retired as CEO in 2004 but remains chairman, and has become one of the richest Americans through his ownership of 20% of Nike's stock.