Under Armour founder Kevin Plank will be returning to the CEO role at the sportswear brand, replacing current boss Stephanie Linnartz.
Plank founded the business in 1996 and served as CEO and chairman of the board until January 2020, when he was appointed executive chair and brand chief.
Returning on 1 April, he is succeeding Linnartz who had held the top job for just over a year. She will remain an adviser to the company through 30 April.
Following Plank’s appointment, the company said that 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, while Plank will continue as a board director.
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The business confirmed it is still searching for a chief marketing officer and senior vice president for footwear.
Plank said: “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.”
“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.”
Linnartz added: “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.
“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.”
The change follows a tough-year of trading for the sporting giant, who’s faced steep competition from the likes of Nike and Adidas.
Sales dropped during its first quarter for 2024 despite its international and direct-to-consumer businesses experiencing “strong growth”.
Revenue for the quarter ending June 30 2023 dropped 2% compared to 2022, to £1.01bn ($1.3bn), while wholesale revenue dipped 6%.
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