Under Armour Appoints New CEO
On October 22, 2019, Under Armour announced Patrik Frisk will become the company’s next Chief Executive Officer (CEO), effective January 1, 2020.
- Kevin Plank, founder and current CEO of Under Armour, will become Executive Chairman and Brand Chief, focusing on the brand story.
- Patrik Frisk will report to Kevin Plank and join Under Armour’s board of directors.
On October 22, 2019, Under Armour announced that founder Kevin Plank will step down as CEO and be replaced by Patrik Frisk, effective January 1, 2020.
Patrik Frisk joined Under Armour in 2017 and currently serves as President and Chief Operating Officer, with almost 30 years of experience in the apparel, footwear and retail industry. He will become CEO and President, reporting to Kevin Plank and join Under Armour’s board of directors.
Prior to Under Armour, Frisk served as CEO of global footwear and accessories company The ALDO Group. He also held various positions at VF Corporation.
Chairman and CEO Kevin Plank will continue to lead the company’s board of directors as its Executive Chairman. Additionally, he will serve as Brand Chief, working on product elevation, brand story and team culture.
Plank commented that Patrik Frisk has been a great partner during company’s most transformative time in its history and that he looked forward to working with Frisk to make Under Armour the best athletic brand in the world.
Under Armour will report 3Q19 earnings on November 4, 2019. In its 2Q19 results, the company reported sales of $1.19 billion, behind of the consensus estimate of $1.20 billion, and EPS of $(0.04), beating the consensus estimate of $(0.05).