Under Armour CEO Stepping Aside

CBJ – Kevin Plank, founder and chief executive officer at Under Armour, has announced plans to step down at the start of next year as he moves into the role of executive chairman.

Patrik Frisk has been named to become the next CEO and he will also have a seat on the board of directors.  Currently, Frisk serves as president and COO.

Plank is the only CEO the company has had since being launched in 1996. He started his enterprise in the basement of his grandmother’s home. It’s now worth more than $5 billion and is a direct competitor to companies such as Nike and Adidas.

However, Under Armour has also undergone difficult times as well. Last year the company let go 400 workers when revenue came in lower than expected.

A number of well-known sports stars including Steph Curry and Jordan Spieth are among those who have contracts endorsing Under Armour products.