Under Armour has announced that Patrik Frisk is to step down as president and CEO and as a member of the board of directors, effective June 1, 2022.
Under Armour said its board has initiated a “comprehensive internal and external search” process to identify a permanent President and CEO. Until a successor is named, the board has appointed Colin Browne, the company’s COO, as interim president and CEO, effective June 1, 2022.
To support the transition, Frisk will remain with Under Armour as an advisor through September 1, 2022.
Frisk, who joined Under Armour in 2017, helped architect its long-term strategic plan by reengineering its structure, systems, and go-to-market process. Under his leadership, Under Armour said the company delivered “industry-leading products, deepened relationships with consumers and customers, and advanced its purpose, vision, mission, and values”.
Kevin Plank, Under Armour founder, executive chairman and brand chief, said: “On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years. During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase.
“As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.”
Frisk added: “It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates. I am extremely proud of what we’ve accomplished as a team
“Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. Colin has an intimate understanding of the Under Armour business and our industry. I have every confidence that his stewardship will allow for a seamless transition.”