Under Armour, Inc. Founder Kevin Plank will become president & CEO of the company, effective April 1, 2024. Plank will succeed Stephanie Linnartz, who will be stepping down as president & CEO and member of the Board of Directors. In connection with Plank’s appointment, Dr. Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive chair of the Board.
Plank, who will transition from executive chair of the Board, will remain a director. Linnartz will remain an advisor to the company through April 30, 2024. He will be replaced by arguably one of the smartest people on the planet, Dr. Mohamed A. El-Erian, an independent UA director since 2018 and lead director since 2020, who will become the non-executive chair of the Board.
“On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour. We deeply appreciate her hard work and dedication,” said Plank. “During her tenure, she strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity, and regional management. Her prior experience leading major brands was instrumental in focusing our consumer strategy, including the launch of the U.S. loyalty program, UA Rewards. Her efforts have helped set us on the right path, and we wish her success in her future endeavors.”
“I feel honored to have served as Under Armour’s president & CEO and worked with many incredible teammates who care deeply about the company’s purpose and mission,” said Linnartz. “I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability. We have a strong foundation in place for future growth and the company’s potential is limitless. I will continue to root for Under Armour’s success.”
Reflecting on his appointment, Plank said, “For nearly 30 years, Under Armour has focused on inspiring athletes with industry-leading, performance solutions they never knew they needed and once they’ve tried them, can’t imagine living without. As the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders. I am energized about the team we have put into place and look forward to seizing the opportunities ahead.”
“On behalf of the Board, I want to thank Stephanie for her many valuable contributions to Under Armour,” said incoming Board Chair Dr. El-Erian. “With Kevin’s vision and drive serving as critical components, Board members and I look forward to working closely with him and the Under Armour leadership team to unleash shareholder value and drive the company forward.”
Plank founded Under Armour in 1996, and since then, he has been the driving force behind its innovative products and brand. From 1996 to 2019, he served as Under Armour’s CEO and chair of the Board of Directors. In January 2020, Plank was appointed executive chair and brand chief.
Dr. Mohamed A. El-Erian is the president of Queens’ College, University of Cambridge. Since 2014, he has served as Chief Economic Advisor at Allianz, the corporate parent of PIMCO, where he was chief executive and co-chief investment officer (2007-2014). He is Chair of Gramercy Fund Management, a columnist for Bloomberg Opinion, and a contributing editor at the Financial Times. He is a professor of practice at the Wharton School of the University of Pennsylvania and a Senior Global Fellow at the Lauder Institute there. Before PIMCO, Dr. El-Erian was a managing director at Solomon Smith Barney/Citigroup in London, and before that, he spent 15 years at the International Monetary Fund in Washington, D.C., where he served as Deputy Director before moving to the private sector. Dr. El-Erian holds bachelor’s and master’s degrees from Cambridge University and a master’s and doctorate from Oxford University.
Image courtesy Under Armour, Inc.
