Commodities

Under Armour founder, CEO Kevin Plank steps down; insider tapped for role

Credit: REUTERS/STEVE MARCUS

Under Armour Inc said on Tuesday its founder and long-time Chief Executive Officer Kevin Plank will step down from the role next year and be succeeded by Chief Operating Officer Patrik Frisk.

Adds details from statement

Oct 22 (Reuters) - Under Armour Inc UAA.N said on Tuesday its founder and long-time Chief Executive Officer Kevin Plank will step down from the role next year and be succeeded by Chief Operating Officer Patrik Frisk.

Plank, who will relinquish the role at the beginning of 2020, has been chief executive since 1996.

Frisk, 56, joined the company in July 2017 from his position as CEO of footwear and accessories company Aldo Group.

Since joining Under Armour, Frisk has played a main role in the company's turnaround plan. He will join the board, while Plank transitions to executive chairman and brand chief.

"Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour's next CEO," said Plank.

Shares of the company were up 1% in premarket trading.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr)

((Aishwarya.Venugopal@thomsonreuters.com; within U.S. +1-646-223-8780; outside U.S. +91 80 6749 1017;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

US Markets

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More