BALTIMORE, MD - Under Armour, Inc. (NYSE:UA) has announced a reshuffle in its executive team alongside the outcomes of its recent Annual Meeting of Stockholders, according to a recent 8-K filing with the Securities and Exchange Commission.
Effective October 1, 2024, Eric J. Aumen will take on the role of principal accounting officer, reporting directly to Chief Financial Officer David Bergman. Aumen, 48, joined the company in January 2024 as Chief Accounting Officer after holding similar roles at Utz Brands, Inc. and Element Fleet Management Corporation. Bergman will continue in his role as principal financial officer.
During the Annual Meeting held on September 4, 2024, stockholders voted on several key proposals. The election of directors saw all nominees secure their positions on the board, with votes in favor significantly outweighing withhold votes and broker non-votes. The directors elected include Douglas E. Coltharp, Jerri L. DeVard, Mohamed A. El-Erian, Carolyn N. Everson, David W. Gibbs, Karen W. Katz, Eric T. Olson, Kevin A. Plank, and Patrick W. Whitesell.
In a non-binding advisory vote, stockholders approved the company's executive compensation. Additionally, a proposal to amend and restate the Class C Employee Stock Purchase Plan was passed, which includes an increase in the number of shares authorized for purchase and changes to the offering period from monthly to quarterly, among other administrative updates.
Under Armour, known for its sports apparel and footwear, has been working to strengthen its leadership structure and enhance shareholder value. This latest filing provides a snapshot of the company's governance and strategic direction for the coming year.
In other recent news, Under Armour reported a surprising profit in its first quarter, leading to an upward revision of its annual profit forecast. This positive development was attributed to a strategic shift toward selling higher-margin items and reducing inventory. The Telsey Advisory Group and Williams Trading have adjusted their outlooks on Under Armour, increasing their price targets to $8 and $10 respectively.
However, Morgan Stanley (NYSE:MS) downgraded the stock from Equalweight to Underweight, setting a new price target of $4 due to concerns about limited growth prospects and potential negative earnings per share revisions. Meanwhile, UBS maintained its Buy rating on Under Armour shares, keeping its price target steady at $11.
Despite facing a competitive landscape and settling a 2017 shareholder class action lawsuit for $434 million, Under Armour's strategic changes and restructuring efforts have been noted by multiple analysts. These are the recent developments for Under Armour as it navigates the competitive sportswear market.
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