Under Armour founder to return to CEO position
Under Armour has announced that its founder Kevin Plank will become its new president and chief executive on 1 April.
He will succeed Stephanie Linnartz who will be stepping down from the role and as a member of the company’s board.
Plank founded Under Armour in 1996 and was the brand’s chief executive and chair from 1996 to 2019. In January 2020, he was appointed executive chair and brand chief.
In his new role, he will remain as a director and Linnartz will be an advisor to the company until 30 April.
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 US loyalty programme, UA Rewards. Her efforts have helped set us on the right path, and we wish her success in her future endeavours.”
In a further announcement, Under Armour said Dr. Mohamed El-Erian will be appointed as chair of the board. He has been an independent director since 2018 and lead director since 2020.
Since 2014, he has served as chief economic advisor at Allianz where he was chief executive and co-chief investment officer from 2007 to 2014.
Commenting on his appointment, he 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.”
