Kevin Plank To Take Over as CEO of Under Armour

| March 14, 2024 | 0 Comments

For the first time since 2017, Under Armour Founder Kevin Plank will become the president and chief executive officer (CEO) of the company. Plank, who is currently the executive chairman of Under Armour, was appointed by the company’s board to return to the CEO position starting on April 1st.

Current President and CEO Stephanie Linnartz, who joined the South Baltimore-based company from Marriott, will step down.

After Plank left the position, Patrick Frisk ran the company from 2017 to 2022. Colin Browne then served as interim president and CEO before Linnartz took over in February 2023.

Plank posted the following letter to the company on LinkedIn.

Dear Teammates,

This afternoon, the company announced my appointment as Under Armour’s President & CEO, effective April 1st. I will succeed Stephanie Linnartz, who will step down from her role as President & CEO, and member of the company’s Board. In connection with this change, Dr. Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will assume the role of non-executive chair of the Board, replacing my role as executive chair. Accordingly, I will remain a director and report to Under Armour’s Board.

I want to thank Stephanie for her contributions to Under Armour. She helped advance the company forward in many important ways, including elevating our leadership talent in product, design, supply chain, consumer loyalty, and regional management. She also played a key role in focusing on our current strategy and challenging the balance between our strengths and opportunities. Much work still needs to be done, but her leadership helped put us on the right track toward winning.

Reflecting on my journey at UA, I realize that the principles of Be Humble / Stay Hungry resonate more strongly today than ever. During my time away from the President & CEO role, which spanned more than four years, I have learned many lessons – professionally and personally. This period of self-reflection and learning has been invaluable, shaping my understanding of our business and reinforcing our mission, vision, and values. The experience of not being a CEO has taught me more about what it truly means to be a CEO. I am deeply humbled to have been entrusted by our Board to lead Under Armour at this pivotal time for the company.

Staying hungry is an integral part of Under Armour’s DNA. The beauty lies in our vision – to inspire you with performance solutions you never knew you needed and can’t imagine living without. This passion for building the world’s greatest athletic products will drive our strategy, authentic storytelling, and consumer experience. We have yet to create our defining product as a brand. This is my obsession, and I am driven to propel our brand and industry forward, as we’ve done before, through innovation, design, passion, and consistency. Success is not a given, and the market has never been as competitive as it is today, but we are ready for the fight and challenge.

Our future is not about revisiting any previous chapter in Under Armour’s history. Instead, we will leverage the wisdom of our past experiences, applying this knowledge to ensure we make the best decisions in the chapter ahead – and make it our finest. We will be forward-looking – drawing on the wealth of our experience. Our brand resilience defines us and will propel us forward, one step at a time – always with intention, decisiveness, and progress.

As we work to ensure a smooth transition leading up to April 1st, we are continuing the work to refine our strategy, assess our operations, and evaluate the returns on our investments. This will help us make the right choices to put us back on a path to actively build and drive toward our full brand potential.

Until then, I am thankful for each of you – for the love we each have for our brand, the responsibility you carry as the foremost stewards of Under Armour, and the commitment you make every day when you show up to move us into the future.

Forward,

KP

Under Armour’s stock currently sits at $7.20. The stock was as high as $27.02 on June 14, 2019.

Plank’s Sagamore Ventures is the lead investor in the 235-acre Baltimore Peninsula in South Baltimore. Plank sold a majority stake in rye whiskey company Sagamore Spirit in September of last year.

Under Armour is currently under construction on a 280,000 sq. ft. office, retail, and fitness building at its Baltimore Peninsula campus. The company will move its headquarters from Locust Point to Baltimore Peninsula when the building is completed, which has been projected for late this year or early next year.

Under Armour also recently completed The Stadium at The House, a track and field facility and sports stadium in Baltimore Peninsula.

Kevin Plank Photo courtesy of Under Armour 

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About the Author:

Founder and Publisher of SouthBmore.com, longtime resident of South Baltimore, and a graduate of Towson University. Diehard Ravens and O's fan, father of three, amateur pizza chef, skateboarder, and "bar food" foodie. Email me at Kevin@InceptMM.com and follow me on Twitter at @SoBoKevin.
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