By Baltimore Watchdog Staff
Kevin Plank will step down as chief executive officer of Under Armour, Inc., on Jan. 1, the company’s Board of Directors announced today.
Plank, who has been the CEO since he founded the company in 1996, will continue serving on the board as executive chairman and brand chief focusing on product elevation, the company said in a statement.
Patrik Frisk, Under Armour’s president and chief operating officer, will be promoted to CEO and report directly to Plank, the board said.
“Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO,” Plank said in a statement released today. “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.”
Plank continued: “Having earned the trust and respect of our teammates, customers and shareholders, Patrik’s proven track record of industry experience, straightforward leadership style and championship of our brand and culture makes him uniquely positioned to smartly capitalize on the opportunities in front of us. As I envision our future – I look forward to further partnering with Patrik to continue our pursuit of becoming the best athletic brand in the world. I am confident that we are just getting started.”
In the statement, Frisk said he was honored to lead the company into the future.
“I joined Under Armour to be part of an iconic brand that demonstrated the power of sport and premium experience, when properly harnessed, is capable of unlimited possibilities,” Frisk said. “Today, I am even more resolute in this conviction. The opportunity that lies ahead of us is incredible.”
Frisk joined Under Armour in 2017 following nearly 30 years of experience in the apparel, footwear and retail industry. Prior to Under Armour, he was CEO of The ALDO Group, a global footwear and accessories company.
Previous to that, he spent more than a decade with VF Corp., where he held numerous leadership positions including coalition president of Outdoor Americas, which makes The North Face and Timberland brand, president of the Timberland brand, president of Outdoor & Action Sports (EMEA), and vice president and general manager of The North Face.