Business

Under Armor CEO Patrik Frisk resigns more than two years later

Under Armor Inc. announced Wednesday afternoon that the CEO will resign after replacing the top founder of an athletic gear company for more than two years.

Under armor
UA,
-6.90%

Patrick Frisk said he would resign on June 1st and be tentatively replaced by Chief Operating Officer Colin Brown. It will be taken over from the founder Kevin Plank on January 1, 2020. Frisk will be an advisor until September 1, and the company did not provide a specific reason for the change in a news release.

“Under Armor is evolving to meet the needs of athletes around the world. With the transition, we are committed to identifying additional opportunities to improve the interests of our shareholders and provide them to athletes, partners and teammates. “We are,” said Planck, executive chairman of the company, in a statement. “There is a big opportunity in front of us.”

The board plans to look for internal and external candidates to permanently replace Frisk. publication..

“I am very proud of what we have achieved as a team,” Frisk said in a statement. “Together, we have made great efforts to strengthen this iconic brand while at the same time significantly strengthening its business.”

Under Armor stocks have fallen 46.2% so far this year as the S & P 500 Index.
SPX,
-4.04%

It decreased by 14.2%.Inventory was a hit earlier this month Report losses during the transition quarter as the fiscal year shifts..

Under Armor CEO Patrik Frisk resigns more than two years later

Source link Under Armor CEO Patrik Frisk resigns more than two years later

Back to top button