Under Armour Founder Kevin Plank Steps Aside as CEO
Kevin Plank, the founder and chief executive of Under Armour Inc., is stepping down as CEO, leaving the task of turning around the sportswear maker to one of his lieutenants.
The Baltimore company said Patrik Frisk, the company's chief operating officer, will take over as CEO at the end of the year. Mr. Plank, who started the sportswear company in 1996, will stay as executive chairman and brand chief.
Shares of Under Armour rose 2% in premarket trading.
Mr. Plank founded Under Armour with a moisture-wicking shirt for football players. He built it into a global brand with about $5 billion in annual sales but it has struggled in recent years amid falling sales. Mr. Plank owns about a 15% stake but controls the company through a special class of stock that gives him 10 votes per share.
For years, Under Armour grew rapidly, adding new products and sponsorships with athletes as it challenged Nike Inc. and Adidas AG . But in 2017 sales hit a wall, and Mr. Plank moved to restructure company operations, cutting jobs and hiring Mr. Frisk, an outsider, as president.
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Under Armour CEO Kevin Plank Stepping Down Tuesday, October 22, 2019 Kimi Robinette, WBAL NewsRadio 1090 and FM 101.5 Under Armour's chairman and CEO Kevin Plank will be stepping down from the position in Jan. 2020,
Under Armour ( UAA - Get Report) said Kevin Plank will step down as CEO and will be replaced in the top spot at the sports apparel company by President and Chief Operating Officer Patrik
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