BALTIMORE, Maryland: US sportswear brand Under Armour, Inc. Wednesday announced that Patrik Frisk will step down as president and chief executive officer and as a member of the board of directors, effective June 1.
The announcement that Frisk was stepping down after little more than two years at the helm comes just under two weeks after the company posted a quarterly loss and missed revenue projections amid continuing supply chain and coronavirus pandemic-related challenges.
For the record, Under Armour launched its India operations as recently as in March 2019 by creating a wholly-owned subsidiary in the country.
Regarding Frisk’s replacement, Under Armour announced that its board has initiated a comprehensive internal and external search process to identify a permanent president and CEO. Until a successor is named, chief operating officer Colin Browne will serve as interim president and CEO. While the executive search is on, Frisk will remain with Under Armour as an advisor through September 1.
“Under Armour is evolving to meet the needs of our athletes worldwide. As we transition, we are committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates,” Kevin Plank, Under Armour founder, said. “There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it.”
As per an official release, “Frisk, who joined Under Armour in 2017, helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems, and go-to-market process.”
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