Under Armour CEO Patrik Frisk Is Stepping Down
Under Armour Inc.
UA -6.90%
said
Patrik Frisk
will step down as president and chief executive two years into the job and as the sportswear maker is trying to reignite sales.
The Baltimore company named
Colin Browne
as interim president and CEO, starting June 1, until a permanent successor is named.
The departure was described as a mutual separation by an Under Armour representative. Mr. Frisk also will step down as a member of the board. He will remain as an adviser through Sept. 1 and will provide consulting services until September 2023.
Mr. Frisk joined Under Armour in 2017 and was named CEO two years later when company founder Kevin Plank transitioned to executive chairman and brand chief. Before Under Armour, Mr. Frisk was CEO of Aldo Group, a footwear chain, and worked as an executive at VF Corp.
Since Mr. Frisk took over as CEO at the start of 2020, Under Armour shares have fallen nearly 50% while dealing with the pandemic.
Earlier this month, Under Armour reported that Covid-related supply-chain pressures hurt its sales in the latest quarter and warned that those issues wouldn’t abate soon. The athletic-equipment company also issued guidance beneath Wall Street’s expectations, saying increased operating costs—including those for shipping and wages—would weigh on earnings this year.
“We have to get through this temporary time that we’re in right now, get out on the other side,” Mr. Frisk said at the time. Overall sales in the quarter ended March 31 rose 3% to $1.3 billion.
In connection with his departure, Mr. Frisk will receive about $7.1 million as part of a separation agreement. He will get $1.3 million through a consulting agreement, payable quarterly through September 2023.
Mr. Browne first joined the company in 2016 and has served as operating chief since 2020. A board committee approved an increased annual base salary for fiscal 2023 to $1 million from $775,000 in connection with his appointments, the company said in a securities filing.
The company’s annual report in February listed Mr. Frisk as 59 years old and Mr. Browne as 57.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Under Armour Inc.
UA -6.90%
said
Patrik Frisk
will step down as president and chief executive two years into the job and as the sportswear maker is trying to reignite sales.
The Baltimore company named
Colin Browne
as interim president and CEO, starting June 1, until a permanent successor is named.
The departure was described as a mutual separation by an Under Armour representative. Mr. Frisk also will step down as a member of the board. He will remain as an adviser through Sept. 1 and will provide consulting services until September 2023.
Mr. Frisk joined Under Armour in 2017 and was named CEO two years later when company founder Kevin Plank transitioned to executive chairman and brand chief. Before Under Armour, Mr. Frisk was CEO of Aldo Group, a footwear chain, and worked as an executive at VF Corp.
Since Mr. Frisk took over as CEO at the start of 2020, Under Armour shares have fallen nearly 50% while dealing with the pandemic.
Earlier this month, Under Armour reported that Covid-related supply-chain pressures hurt its sales in the latest quarter and warned that those issues wouldn’t abate soon. The athletic-equipment company also issued guidance beneath Wall Street’s expectations, saying increased operating costs—including those for shipping and wages—would weigh on earnings this year.
“We have to get through this temporary time that we’re in right now, get out on the other side,” Mr. Frisk said at the time. Overall sales in the quarter ended March 31 rose 3% to $1.3 billion.
In connection with his departure, Mr. Frisk will receive about $7.1 million as part of a separation agreement. He will get $1.3 million through a consulting agreement, payable quarterly through September 2023.
Mr. Browne first joined the company in 2016 and has served as operating chief since 2020. A board committee approved an increased annual base salary for fiscal 2023 to $1 million from $775,000 in connection with his appointments, the company said in a securities filing.
The company’s annual report in February listed Mr. Frisk as 59 years old and Mr. Browne as 57.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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