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Under Armour Inc (NYSE:UAA) said Tuesday in a press release its founder and CEO Kevin Plank will resign and be replaced with current COO and President Patrik Frisk.
What Happened
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Plank served as CEO and Chairman since creating Under Armour in 1996 from his grandmother's basement and will step down as CEO on Jan. 1, 2020. Frisk joined Under Armour in 2017 after nearly three decades of relevant experience, including CEO of The ALDO Group and various President and Vice President positions at VF Corp (NYSE:VFC).
Why It's Important
Frisk has been a "key architect" in Under Armour's transformation plan, according to CNBC's Courtney Reagan, which includes supply chain improvements and sourcing capabilities.
"Patrik is the right person to serve as Under Armour's next CEO," Plank said in the press release. "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."
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What's Next
Plank will continue holding a presence at the company and will transition to Executive Chairman and Brand Chief next year. Plank will also focus on product elevation, promoting the brand while working to maintain a strong team culture.
Shares traded higher by 2.5% to $20.61 at time of publication.
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Photo credit: Maryland GovPics - Under Armour Opening, via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.