The child development center on the Nike Campus in Beaverton, Oregon, will no longer be named for late Penn State coach Joe Paterno.
Business reporter Darren Rovell first reported the removal of Paterno's name from the facility. Paterno and Nike CEO Phil Knight were friends and business associates.
In a statement, Knight said he was saddened to learn of the findings revealed Thursday in the independent investigation of Penn State University's handling of the Jerry Sandusky situation from 1998-2011.
"Other than my parents, my college coach, Bill Bowerman, was the biggest influence in my life. Bill Bowerman and Joe Paterno shared some great qualities," Knight said in the statement. "Throughout Joe Paterno's career, he strived to put young athletes in a position to succeed and win in sport but most importantly in life. Joe influenced thousands of young men to become better leaders, fathers and husbands.
"According to the investigation, it appears Joe made missteps that led to heartbreaking consequences. I missed that Joe missed it, and I am extremely saddened on this day. My love for Joe and his family remains."
Mike Parker, Nike's president and CEO, is a 1977 Penn State grad.
The Paterno Center provides on-site care and instruction to children ages six weeks to five years.
Nike's endorsement deal with Paterno was longer than with any other college coach at the time of his death.