Under Armour Inc. Chief Executive Officer Kevin Plank is planning on selling as much as $72 million of his stake in the company. The executive has plans to sell as many as 2.1 million shares in the sportswear company he founded.
The company announced in a regulatory filing on Friday that Plank entered into a prearranged stock trading plan that will be active for nine months starting in October.
Plank can personally sell as much as 1.9 million Class C shares while his charitable foundation can sell an additional 200,000 shares.
Even if he sells all these nonvoting shares, he would still own almost 32 million Class C shares. Shareholders approved the creation of the nonvoting Class C shares in 2015, which allowed the executive to sell some of his holdings without losing influence.
Plank started Under Armour in 1996 and has a net worth of $3.2 billion, according to the Bloomberg Billionaires Index. A lot of his wealth is tied up in Under Armour stock. Through his Class B shares, which have 10 times the voting power of Class A stock, he controls the majority of the company’s voting rights.
Disclaimer: We have no position in Under Armour Inc. (NYSE: UA) and have not been compensated for this article.