Kevin Plank, founder of Under Armour, during a CNBC interview on “Mad Money” on February 28, 2018.
Scott Mill | CNBC
Under Armour announced Wednesday that CEO Stephanie Linnartz is stepping down from her position just over a year after taking the job and founder Kevin Plank will return as the brand’s CEO.
Linnartz took over as CEO of Under Armor in February 2023 after spending nearly 30 years at Marriott International, most recently as its president. Plank, who founded Under Armor in 1996, stepped down as CEO about four years ago but remained chairman of the sports company.
Plank will take over on April 1st and Linnartz will remain with the company as a consultant until the end of April.
Plank will remain a director on Under Armour’s board, but will hand over the chairmanship to Mohamed El-Erian, chief economic adviser at Allianz, Pimco’s parent company.
Linnartz, who has spent the majority of her career in hospitality, was selected to lead Under Armor based on her experience building digital sales and developing Marriott’s renowned Bonvoy loyalty program.
Since taking the helm at Under Armour, she launched UA Rewards and had plans to expand the brand’s women’s range to grow her customer base.
“On behalf of the entire team, I would like to thank Stephanie for her contributions to Under Armour. We greatly appreciate their hard work and dedication,” Plank said in a statement. “During her tenure, she strengthened the leadership team by making executive hires in key areas including product, design, supply chain, consumer connectivity and regional management. Her previous experience leading large brands was critical in focusing our consumer strategy.”
In a statement, Linnartz said she was “honored” to have served as CEO of Under Armour.
“I am proud of our progress toward our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability,” said Linnartz. “We have a strong foundation for future growth and the company’s potential is limitless. I will remain committed to the success of Under Armour.”
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2024-03-13 21:33:29
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