Under Armour Inc. has announced that Kevin Plank will become president and CEO, effective April 1, 2024. Plank will succeed Stephanie Linnartz, who will be stepping down as president, CEO and member of the board. In connection with Plank’s appointment, Mohamed A. El-Erian, Ph.D., an independent director since 2018 and lead director since 2020, will become the non-executive chair of the board. Plank, who will transition from executive chair of the board, will remain a director. Linnartz will remain an advisor to Under Armour Inc. through April 30, 2024.

“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,” says Plank. “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 endeavors.”

“I feel honored to have served as Under Armour’s president and CEO and worked with many incredible teammates who care deeply about the company’s purpose and mission,” says Linnartz. “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.”

Reflecting on his appointment, Plank says, “For nearly 30 years, Under Armour has focused on inspiring athletes with industry-leading, performance solutions they never knew they needed and once they’ve tried them, can’t imagine living without. 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 energized about the team we have put into place and look forward to seizing the opportunities ahead.”

“On behalf of the board, I want to thank Stephanie for her many valuable contributions to Under Armour,” says El-Erian. “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 values and drive the company forward.”

Source link