Under Armour’s (UA) CEO Plans To Make A Huge Move

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.

Sofia Vida

Sofia has been writing for major news outlets for over 15 years. In her spare time she enjoys hiking, walking her dogs, and going to concerts.

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