Taking A Closer Look At Under Armour's New CFO

Under Armour Inc UA announced on Tuesday that it has appointed Chip Molloy as the company's new Chief Financial Officer. Investors appear to be positive on the news as shares were trading higher by 1.68 percent at $81.70 early Wednesday morning.

Molloy will replace Under Armour's current CFO Brad Dickerson who will leave the company in February.

Molloy brings significant executive experience to the company as he previously served as executive vice president and CFO of PetSmart from 2007 to 2013. Most recently, Molloy was a Senior Advisor to Roark Capital Group, an Atlanta-based private equity firm.

Molloy earned the title of the Institutional Investor's CFO of the Year for Specialty Retail in 2011.

"Under Armour is a growth company with a dynamic senior leadership team, and we are excited for Chip Molloy to help drive the business on the road to $7.5 billion in revenue by 2018," said Kevin Plank, Chairman and CEO, Under Armour in the press release. "Chip's success and experience as a public company CFO, his financial expertise and his outstanding leadership qualities will be an invaluable addition to the team."