Under Armour Founder and CEO Steps Down

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Kevin Plank, Under Armour Inc.’s founder and chief executive officer, has announced that he is stepping down from the company. In his place taking over will be Patrick Frisk, president, chief operating officer of the company.

“Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO,” said Plank to Bloomberg’s Caroline Hyde on “Bloomberg Markets.

“As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand’s vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation.”

Plank continued, “Having earned the trust and respect of our teammates, customers and shareholders, Patrik’s proven track record of industry experience, straightforward leadership style and championship of our brand and culture makes him uniquely positioned to smartly capitalize on the opportunities in front of us. As I envision our future – I look forward to further partnering with Patrik to continue our pursuit of becoming the best athletic brand in the world. I am confident that we are just getting started.”

Under Armour President & COO Patrik Frisk added, “I joined Under Armour to be part of an iconic brand that demonstrated the power of sport and premium experience, when properly harnessed, is capable of unlimited possibilities. Today, I am even more resolute in this conviction. The opportunity that lies ahead of us is incredible. As our entire global team continues to lean hard into our transformation, I am honored to lead this great brand toward the realization of its full potential.”

Prior to joining Under Armour in 2017, Frisk was the CEO of The ALDO Group, a global footwear and accessories company. He also held roles at Outdoor Americas (The North Face® and Timberland®).

Disclaimer: We have no position in Under Armour Inc Class A (NYSE: UAA) and have not been compensated for this article.