BALTIMORE - Under Armour, Inc. (NYSE: NYSE:UA, UAA) announced a leadership transition today, with company founder Kevin Plank set to take the reins as President and Chief Executive Officer starting April 1, 2024. Plank will succeed Stephanie Linnartz, who is stepping down from her role as President, CEO, and member of the Board.
Concurrent with this change, Dr. Mohamed A. El-Erian, having served as an independent director since 2018 and Lead Director since 2020, will assume the position of non-executive Chair of the Board.
Plank, who founded Under Armour in 1996 and led the company until 2019, will transition from his current role as Executive Chair of the Board, while maintaining his position as a director.
Linnartz, who will remain as an advisor to the company until April 30, 2024, is credited with strengthening the leadership team and focusing the company's consumer strategy, which includes the launch of the UA Rewards loyalty program in the U.S.
In a statement, Plank expressed gratitude to Linnartz for her contributions, highlighting her role in revamping product design, supply chain, and consumer connectivity. Linnartz reflected on her tenure with pride, emphasizing the strategic progress made under her leadership and expressing confidence in the company's foundation for future growth.
Dr. El-Erian, the incoming Board Chair, acknowledged Linnartz's valuable contributions and voiced his anticipation of working closely with Plank and the leadership team to drive shareholder value and propel the company forward.
Plank's return as CEO comes at a time when Under Armour continues to navigate post-pandemic challenges, with the aim of leveraging its strengths and making balanced business decisions to benefit athletes, customers, and shareholders.
Under Armour, headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. This leadership transition is part of the company's ongoing strategy to inspire athletes and drive growth.
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