Under Armour CEO steps down amid sales struggle
Under Armour faces a new challenge as it makes necessary adjustments from top management. This is on top of its struggle against market rivals.
The company announced on Tuesday the resignation of Kevin Plank as the top executive. Patrik Frisk will replace him effective on January 1, 2020. Under Armour said Plank will become executive chairman and brand chief.
“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,” said Plank referring to Frisk as the right person to take over.
This development rose amid the struggle of the company in sales. Its most recent earnings report showed UnderArmour plunged 3% in comparison in 2018.
Plank served as CEO since 1996.
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