Under Armour reappoints founder Kevin Plank to CEO role

Under Armour announced on Wednesday the reappointment of founder Kevin Plank to the role of president and chief executive officer, effective April 1, succeeding Stephanie Linnartz, who is stepping down as CEO and member of the board at the U.S. sportswear firm.

Coinciding with the changes, Dr. Mohamed A. El-Erian, 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 the company through April 30, the company added.

A reason for Linnartz’s sudden departure was not disclosed.

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

Plank founded Under Armour in 1996, serving as Under Armour’s chief executive officer and chair of the board of directors from its inception to 2019. In January 2020, Plank was appointed executive chair and brand chief.

“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,” said 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.”

Earlier last month, Under Armour raised its outlook for full-year earnings, with cost cuts in its turnaround effort making up for a continued decline in revenue.

At the time, the athletic-wear maker it expects adjusted earnings of 50 cents to 52 cents a share for the year ending in March. The Baltimore-based firm has worked to get rid of excess inventory over the past several quarters as the industry faced a longstanding pileup of merchandise.