Published October 6, 2015 5:23pm EDT | Updated October 6, 2015 6:05pm EDT

Hurley Founder Bob Hurley Stepping Down As CEO For New Role At Nike

Bob Hurley, founder of Nike Inc. surf brand Hurley, is stepping down as CEO after 16 years. Bob Coombes, vice president and general manager of Hurley, will manage the business, reporting to Jayme Martin, vice president and general manager of global categories at Nike. Hurley, meanwhile, will transition to a new role building relationships between the parent company and elite athletes. Nike stock is up 28.1% for the year so far. The S&P is down 3.8% for the same period.