Kevin Plank, founder, executive chairman and brand chief of Under Armour, plans to sell up to 5 million shares of Under Armour stock, according to a regulatory filing.
Plank will sell the shares through a scheduled stock trading plan and be sold over the next 14 months, starting in November, according to the filing. The stock slated to be sold consists of Class C shares, which have no voting rights.
Plank is selling his shares for “asset diversification, tax and estate planning purposes,” according to the filing. It’s the first time Plank has entered into a stock trading plan since April 2016.
Plank currently owns 181,608 shares of Class A stock and 34.45 million shares of the company’s Class B stock and 33.82 million Class C shares. While Class C shares have no voting power, Class A shares have one vote and Class B shares have 10-to-1 voting rights ensuring Plank retains control of the company.
Photo courtesy Bloomberg
