Under Armour Inc (NYSE:UAA) (NYSE:UA) said it has appointed Kevin Plank as President & Chief Executive Officer, effective April 1, 2024.
Plank founded Under Armour in 1996 and has served as its Chief Executive Officer and Chair of the Board of Directors till 2019.
Plank will succeed Stephanie Linnartz, who will be stepping down as President & Chief Executive Officer and member of the Board.
Mohamed A. El-Erian, an independent director since 2018 and Lead Director since 2020, will become the non-executive Chair of the Board.
Plank, who will transition from Executive Chair of the Board, will remain a director.
Linnartz will remain an advisor to the company through April 30, 2024.
“As the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders,” said Plank.
Last month, the company reported third quarter fiscal 2024 revenue that was down 6% to $1.5 billion (down 7% currency neutral).
Price Action: UA shares are trading lower by 3.98% at $9.47 in premarket on the last check Thursday.
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