Under Armour CEO and Founder to Step Down
Under Armour founder and CEO will step down from the retailer’s top role in January, passing the reins to the sporting apparel company’s president, Patrik Frisk.
Kevin Plank having served as chairman and CEO since he founded the company in 1996, will become executive chairman & brand chief continuing to lead Under Armour's board of directors while focusing on product elevation, amplifying the brand story and stewarding the company's strong team culture. Frisk will become the company's CEO on January 1, 2020, and still serve as president.
"Our multi-year, transition approach has ensured purposeful leadership continuity,” said Plank. “Patrik is the right person to serve as Under Armour's next CEO. As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation.
"Having earned the trust and respect of our teammates, customers and shareholders, Patrik's proven track record of industry experience, straightforward leadership style and championship of our brand and culture makes him uniquely positioned to smartly capitalize on the opportunities in front of us. As I envision our future – I look forward to further partnering with Patrik to continue our pursuit of becoming the best athletic brand in the world. I am confident that we are just getting started."
Frisk joined Under Armour in 2017 following nearly 30 years of experience in the apparel, footwear and retail industry. Prior to Under Armour, he was CEO of The ALDO Group, a global footwear and accessories company. Previous to that, he spent more than a decade with VF Corporation where he held numerous leadership positions including coalition president of Outdoor Americas (The North Face and Timberland), president of the Timberland brand, president of Outdoor & Action Sports (EMEA), and vice president and general manager of The North Face.
"I joined Under Armour to be part of an iconic brand that demonstrated the power of sport and premium experience, when properly harnessed, is capable of unlimited possibilities,” said Frisk. “Today, I am even more resolute in this conviction. The opportunity that lies ahead of us is incredible. As our entire global team continues to lean hard into our transformation, I am honored to lead this great brand toward the realization of its full potential."