Kevin Plank, the founder of Under Armour, is stepping down as CEO, leaving the task of turning around the sportswear maker to Patrik Frisk, the chief operating officer
By Khadeeja Safdar Oct. 22, 2019 7:44 am ET Kevin Plank, the founder and chief executive of Under Armour Inc., UA 2.02% 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.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.
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.Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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