Under Armour on Wednesday announced that Kevin Plank, founder of the company, would return as the chief executive officer.
Plank, 51, stepped down as Under Armour’s CEO in 2020 to become the company’s executive chairman and brand chief. Stephanie Linnartz, the current president and CEO will step down but remain an advisor to the company through April 30.
“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,” Plank said in a news release. “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.”
Plank started Under Armour in 1996 in his grandmother’s basement. It has since grown into a multibillion-dollar company.
In addition to Plank’s appointment, Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive chair of the board.
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