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Under Armour revealed that its founder, Kevin Plank, is returning to the company and assuming the role of chief executive officer. The sports apparel manufacturer said on Wednesday, March 13, that Plank's appointment will be effective on April 1.
Plank's Key Position at UA
According to The New York Times, Plank established Under Armour in 1996 and, until 2019, led the company as its chief executive. His role changed in January 2020 when he was appointed executive chairman and chief brand officer.
He left Under Armour in 2021, but even so, he remained a major controlling shareholder at the company. Now, he is coming back after more than three years of absence. Plank will replace Stephanie Linnartz, who is set to step down from all her roles at UA, including board membership.
Leadership Shuffle at Under Armour
CNBC reported that aside from Plank, the company appointed Mohamed El-Erian as the new board chairman. He is a former chief economic advisor at Allianz.
Meanwhile, Under Armour's spokeswoman, Amanda Miller, reportedly declined to reveal the reason for the leadership shuffle or whether someone was behind the decision. The outgoing and incoming CEOs did not immediately return requests for comment, either.
"For nearly 30 years, Under Armour has focused on inspiring athletes with industry-leading, performance solutions they never knew they needed and once they have tried them, can't imagine living without," Plank said in a press release after his appointment. "As the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders."
Dr. El-Erianing, the newly appointed chairman of the board, also commented, "I want to thank Stephanie for her many valuable contributions to Under Armour. With Kevin's vision and drive serving as critical components, Board members and I look forward to working closely with him and the Under Armour leadership team to unleash shareholder value and drive the company forward."
Photo by: Under Armour Press Release
