(Reuters) -Nike ( NKE ) said on Tuesday it was renaming its world headquarters in Beaverton, Oregon, after co-founder Philip Knight with immediate effect.

The nearly 400-acre campus, the sportswear brand's headquarters for more than 35 years, will now be called "The Philip H. Knight Campus" (PHK). It was earlier known as "Nike World Headquarters".

CEO Elliott Hill announced the name change in an all-staff email to mark his one-year anniversary at the helm, according to the statement. The company plans to celebrate with an event honoring Knight in spring 2026.

Nike ( NKE ) reported a surprise rise in first-quarter revenue and beat profit expectations earlier this month as its turnaround efforts gained traction despite weakness in China and tariffs pressuring margins.