Comeback king: Under Armour brings back founder Kevin Plank as CEO

(Source: Big Stock)

Under Armour has brought back Kevin Plank to the president and CEO position again, effective April 1, just over a year after the sportswear brand appointed Stephanie Linnartz to lead the company.

In addition, the company has named independent and lead director Mohamed A El-Erian as non-executive chair of the board.

Plank founded Under Armour in 1996 and led the brand until 2019. In January 2020, Plank became executive chair and brand chief.

The CEO position was then filled by former Aldi CEO Patrik Frisk, who was later replaced by Linnartz, the former president of Marriott International.

Under Armour did not specify the reasons for the abrupt leadership change, but an analyst said that the move reflects the brand’s uncertainty on its future direction.

“All of the twists and turns have created a brand that has become increasingly confusing to consumers and to wholesale partners. This in turn, has made Under Armour easier to overlook. Remedying these problems is not simple, no matter who occupies the CEO seat,” said GlobalData MD Neil Saunders.

“Under Armour has already been through several rounds of change as it tries to address declining sales and issues with the brand but, as the latest set of poor quarterly results show, it has not yet found a successful path to rebuilding the business.”

Meanwhile, Linnartz will remain an advisor in the company until April 30. Plank will also remain a director.

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