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Phil Knight stepped down Thursday as president and chief executive of Nike Inc., the $12 billion athletic shoe and clothing company he co-founded. He will be succeeded by William D. Perez, head of S.C. Johnson & Son, maker of Glade air fresheners and Draino drain cleaner.

A bankruptcy judge on Thursday left intact temporary 21 percent pay cuts on some US Airways workers.

Mel Karmazin, the former president of media conglomerate Viacom Inc., is joining Sirius Satellite Radio as CEO, replacing Joseph Clayton, who is staying on as chairman.

Embattled insurance broker Marsh & McLennan Companies said Thursday that five members of its board of directors -- all of them executives of the company -- are leaving the board.

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