Under Armour CEO Patrik Frisk Stepping Down

| May 19, 2022 | 0 Comments

Yesterday, Under Armour announced President and CEO Patrik Frisk will step down effective June 1st. Under Armour’s board “has initiated a comprehensive internal and external search process to identify a permanent President and CEO.”

Until a successor is named, the board has appointed Colin Browne, the company’s Chief Operating Officer (COO), as interim President and CEO, effective June 1st. Frisk will remain an advisor through September 1st.

Frisk joined Under Armour in 2017 and led a multi-year restructuring of the company that led to profitable years for the company in 2020 and 2021. 2021 recorded the highest ever revenue for the company. Under Armour lost $60 million in the first quarter of this year. Under Armour also broke ground the on the first major phase of its future Port Covington campus earlier this year.

“On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years,” said  Under Armour Founder, Executive Chairman, and Brand Chief Kevin Plank in a press release. “During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase. As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.”

Plank continued, “Under Armour is evolving to meet the needs of our athletes worldwide. As we transition, we are committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates. There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it.”

From Bloomberg (first noted by the Baltimore Business Journal):

Executive Chairman Kevin Plank said in an interview that the board decided it was time to shift from a restructuring posture, which Frisk oversaw since joining the company in 2017, to one focused on growth.

“It’s the right time for the business to really pivot,” said Plank, who founded the company in 1996. The move wasn’t made because of one bad quarter, he said. “We’re ready for the next chapter to begin.”

“It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates. I am extremely proud of what we’ve accomplished as a team,” said Frisk in the press release. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. Colin has an intimate understanding of the Under Armourbusiness and our industry. I have every confidence that his stewardship will allow for a seamless transition.”

Browne has held the role of COO since 2020 and “oversees supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy, and distribution capabilities.”

New campus renderings courtesy of Under Armour and Gensler 

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