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Nike names Apple CEO Tim Cook its 'lead independent director'

Cook has been a director on Nike's board since 2005.

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Apple CEO Tim Cook sports Nike at the 2016 NCAA Men's Basketball Tournament.

Harry How/Getty Images

Apple CEO Tim Cook just got a promotion. Well, sort of.

Athletic brand Nike on Thursday named Cook the lead independent director of its board. Cook has been a member of Nike's board of directors since 2005. He is also chair of the board's compensation committee and serves as a member of its nominating and corporate governance committee.

Nike and Apple have a friendly relationship and have worked together since 2006 to develop products, starting with Nike+ Running. The companies were even rumored in 2014 to be collaborating on a smartband, but that was, of course, before the Apple Watch.

Cook's new title was tucked into an announcement that Phil Knight, chairman and co-founder of Nike, has retired from the company's board.