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Tue Oct 22, 2019, 10:39 AM

Under Armour founder Kevin Plank steps down as CEO, Patrik Frisk assumes role

BUSINESS
Under Armour founder Kevin Plank steps down as CEO, Patrik Frisk assumes role
Lorraine Mirabella
By LORRAINE MIRABELLA
BALTIMORE SUN |
OCT 22, 2019 | 10:34 AM

Kevin Plank, the founder and longtime top executive of Under Armour, is stepping down as the Baltimore athletic apparel brand’s CEO at the end of the year.

Patrik Frisk, who joined Under Armour in 2017, as president and chief operating officer will assume the leadership role on Jan. 1.

Plank will remain the company’s executive chairman and assume the new role as “brand chief.” He continues to own a controlling stake in the company he founded in 1996. Frisk will join Plank on Under Armour’s board of directors.

As the once fast-growing company has experienced doldrums in sales, profitability and its stock price in recent years, Under Armour and Plank have been criticized by some analysts for adhering to a founder-led executive structure.

As brand chief, Plank will focus on “product elevation, amplifying the brand story and stewarding the company’s strong team culture,” Under Armour said.
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Lorraine Mirabella is a business reporter for The Baltimore Sun. She writes about retail, consumer affairs, workplace issues and other financial news. She joined the business staff in 1992 and has covered real estate, energy, manufacturing, business trends and companies such as Under Armour and McCormick & Co. She is a Towson University graduate.

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