Patrik Frisk, just lately appointed Leader Govt Officer Of Underneath Armour, speaks on the 2020 Underneath Armour Human Efficiency Summit on January 14, 2020 in Baltimore, Maryland.
Olivier Douliery | AFP | Getty Pictures
Underneath Armour stated its president and leader government officer, Patrik Frisk, will probably be stepping down, efficient June 1, because the sports wear store searches for a alternative.
In the intervening time, present Leader Working Officer Colin Browne will function president and CEO, the corporate stated Wednesday in a press liberate. Frisk could also be anticipated to stay with Underneath Armour as an consultant thru Sept. 1.
Frisk did not give a explanation why for his extensively surprising departure. He did not in an instant reply to CNBC’s request for remark.
The previous CEO of shoes preserving corporate Aldo Staff joined Underneath Armour in 2017, and he took over as CEO from the corporate’s founder, Kevin Plank, in January of 2020.
All the way through his tenure, Frisk helped to power Underneath Armour thru a large turnaround, which additionally came about to happen amid the Covid-19 pandemic.
Frisk has labored to restrict the quantity of discounting that Underneath Armour does with third-party shops in an try to buoy earnings. He has attempted to make the logo seem extra top class subsequent to its friends similar to Nike and Lululemon.
“I’m extraordinarily happy with what we have now completed as a workforce,” Frisk stated in a commentary issued Wednesday. “In combination, now we have finished an amazing quantity of labor to beef up this iconic logo whilst considerably solidifying its operations.”
Underneath Armour stated it’ll behavior each interior and exterior searches for its new CEO.
The inventory fell greater than 3% after hours. Underneath Armour stocks are down about 50% 12 months to this point.
Learn the entire press liberate from Underneath Armour right here.
