Under Armour founder Kevin Plank returns as CEO
US sportswear brand Under Armour has confirmed the departure of Chief Executive Stephanie Linnartz, replacing her with founder and former CEO Kevin Plank.
Linnartz, who will remain with Under Armour as an advisor until 30 April 2024, joined the business in February 2023 with the ambition to revive the brand with a range of new hires and a focus on marketing as part of a turnaround plan.
In a statement on LinkedIn, Linnartz said: "I’m sharing the news that I’ll be departing from my role as President and CEO of Under Armour in the weeks ahead. It has been an extraordinary privilege to lead this company. I’m so proud of the team we built, the strategic plans we put in place, and the progress we made.
"As I look back at my past year at Under Armour, one of the things I am most proud of is the excellent talent we have brought into the organisation. Approximately two-thirds of my direct reports across product, marketing, communications, operations, and the regions are new to their roles and these talented executives have joined our many experienced veterans who are also deeply dedicated to the next chapter of Under Armour’s growth.
Stephanie Linnartz
Plank founded Under Armour in 1996 and exited the CEO role in 2019. After more than four years away, he will now reassume the role on 1 April with a focus on the brand's growth.
In connection with this change, Dr. Mohamed A. El-Erian, an Independent Director since 2018 and Lead Director since 2020, will assume the role of Non-Executive Chair, replacing Plank, who will remain a director and report to Under Armour’s board.
"During my time away from the CEO role, which spanned more than four years, I have learned many lessons – professionally and personally. This period of self-reflection and learning has been invaluable, shaping my understanding of our business and reinforcing our mission, vision, and values," said Plank.
"The experience of not being a CEO has taught me more about what it truly means to be a CEO. I am deeply humbled to have been entrusted by our board to lead UA at this pivotal time.
"Our future is not about revisiting any previous chapter in Under Armour’s history. Instead, we will leverage the wisdom of our past experiences, applying this knowledge to ensure we make the best decisions in the chapter ahead – and make it our finest."
As it works towards a smooth transition leading up to 1 April, Under Armour is continuing to refine its strategy, assess its operations, and evaluate the returns on its investments to "help make the right choices to put the business back on a path to actively build and drive towards full brand potential".
"I want to thank Stephanie for her contributions to Under Armour. She helped advance the company forward in many important ways, including elevating our leadership talent in product, design, supply chain, consumer loyalty, and regional management. She also played a key role in focusing on our current strategy and challenging the balance between our strengths and opportunities. Much work still needs to be done, but her leadership helped put us on the right track toward winning," added Plank.
