Frisk will be succeeded on an interim basis by Colin Browne, chief operating officer, while the company initiates an internal and external search for a permanent CEO.
But the decision was nonetheless made that it was time for a change.
The Swedish-born Frisk, who had served as CEO of Aldo Group and also had experience working in the outdoor and active sports arena with a résumé that included top jobs at The North Face, Timberland and Vans, instituted a $200 million, five-year turnaround plan with a focus on bringing Under Armour back to its roots as a sports brand.
At the same time, the company is facing increased competition from a blazing Lululemon as well as Adidas and Puma, both of which have experienced rapid growth in North America. Lululemon in particular has benefited not only from the boom in exercise during the pandemic, but also from the new work-from-home and office-casual era in the wake of COVID-19, which has seen its footwear and apparel become staples of everyday wear.
Although earnings in the last quarter were weak, Plank stressed that decisions are “not made on a quarterly basis,” and pointed to the fact that Frisk’s five-year plan was recently “closed out,” leading the company to look now at “growth strategies. We felt it was the right time.”“We’re incredibly excited by what we have in the innovation pipeline,” Browne said, adding that there’s “clearly demand for the brand.
He also said Browne is viewed as a candidate to get the job permanently but that no one will be “anointed” to the position.
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