BALTIMORE: US sportswear brand Under Armour on Wednesday announced a surprise CEO transition, with Stephanie Linnartz stepping down from the position after little more than a year and founder Kevin Plank reassuming the role of president and CEO from April 1.
Linnartz will remain as an adviser through April 30. Plank, meanwhile, will transition out of his role as executive chair of the board, while board member Dr Mohamed El-Erian, an independent director since 2018 and lead director since 2020, will become non-executive chair of the board.
Plank founded Under Armour in 1996, and since then, he has been the driving force behind its innovative products and brand. From 1996 to 2019, he served as Under Armour's chief executive officer and chair of the board of directors. In January 2020, Plank was appointed executive chair and Brand chief.
Reflecting on his return to the helm, Plank said, "For nearly 30 years, Under Armour has focused on inspiring athletes with industry-leading, performance solutions they never knew they needed and once they've tried them, can't imagine living without. 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. I am energized about the team we have put into place and look forward to seizing the opportunities ahead."
"On behalf of the Board, I want to thank Stephanie for her many valuable contributions to Under Armour," said incoming board chair Dr El-Erian. "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."
- Log in to post comments