Under Armour, the popular athletic brand, has announced a change in leadership. CEO Stephanie Linnartz will be stepping down from her role after just over a year, and founder Kevin Plank will be returning as the company’s chief executive. Plank had previously stepped down as CEO four years ago but remained as the chairman of the board.
Linnartz, who had spent nearly 30 years at Marriott International before joining Under Armour, was chosen to lead the company due to her experience in building out digital sales and developing Marriott’s renowned loyalty program Bonvoy. During her tenure, she launched UA Rewards and had plans to further expand the brand’s women’s assortment to grow its customer base.
Plank, on the other hand, is no stranger to the company he founded in 1996. Although he stepped down as CEO, he has remained involved with Under Armour and will now resume his position as chief executive. Plank will take over on April 1st, with Linnartz staying on as an advisor through the end of April.
In addition to Plank’s return as CEO, there is another significant change in Under Armour’s leadership. Mohamed El-Erian, the chief economic advisor at Allianz (Pimco’s parent company), will be appointed as the new chair of the board. El-Erian’s expertise in economics and finance will bring a fresh perspective to the company’s strategic decision-making process.
Under Armour expressed its gratitude to Linnartz for her contributions during her time as CEO. Plank acknowledged her efforts in strengthening the leadership team and focusing on consumer strategy. Linnartz, in turn, expressed her pride in the progress made under her leadership and her belief in Under Armour’s limitless potential for future growth.
This leadership shakeup comes at a critical time for Under Armour. The company has been facing increased competition from rivals like Nike and Adidas, and its financial performance has been under scrutiny. Plank’s return as CEO, along with El-Erian’s appointment as board chair, signals a renewed focus on driving growth and profitability.
Investors and industry experts will be closely watching the impact of these changes on Under Armour’s future. Plank’s intimate knowledge of the brand and El-Erian’s financial expertise may provide the company with the strategic direction it needs to regain its competitive edge in the athletic apparel market.
As the new leadership takes charge, it remains to be seen what specific initiatives and strategies they will implement to turn the company around. Under Armour has a loyal customer base and a strong foundation, but it needs to adapt to changing consumer preferences and market dynamics to succeed in the long run.
Overall, the return of Kevin Plank as CEO and the appointment of Mohamed El-Erian as board chair mark a significant chapter in Under Armour’s history. The brand will now have a strong leadership team in place to navigate the challenges ahead and steer the company towards a brighter future.
