Under Armour founder returns as CEO

Under Armour founder Kevin Plank will become president and chief executive officer, effective April 1, 2024, succeeding Stephanie Linnartz. Plank, who will transition from executive chair of the board, will remain a director. Linnartz will remain an advisor to the company through April 30, 2024. Plank founded Under Armour in 1996, and since then, he has been the “driving force” behind the brand. From 1996 to 2019, he served as Under Armour's CEO and chair of the board of directors. In January 2020, he was appointed executive chair and brand chief. Plank said: “On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour. We deeply appreciate her hard work and dedication. During her tenure, she strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity, and regional management. “Her prior experience leading major brands was instrumental in focusing our consumer strategy, including the launch of the U.S.loyalty program, UA Rewards. Her efforts have helped set us on the right path, and we wish her success in her future endeavours.” Plank added: “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 energised about the team we have put into place and look forward to seizing the opportunities ahead.” Linnartz said: “I feel honoured to have served as Under Armour's President & CEO and worked with many incredible teammates who care deeply about the company's purpose and mission. I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability. We have a strong foundation in place for future growth and the company's potential is limitless. I will continue to root for Under Armour's success.” In connection with Plank's appointment, Dr. Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive chair of the board. Dr. El-Erian is the president of Queens' College, University of Cambridge. Since 2014, he has served as chief economic advisor at Allianz, the corporate parent of PIMCO, where he was chief executive and co-chief investment officer (2007-2014). Before PIMCO, Dr. El-Erian was a managing director at Solomon Smith Barney/Citigroup in London, and before that, he spent 15 years at the International Monetary Fund in Washington, D.C., where he served as deputy director before moving to the private sector. Dr. El-Erian said: “On behalf of the board, I want to thank Stephanie for her many valuable contributions to Under Armour. 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.”