Under Armour CEO Stepping Down: Kevin Plank Returns as Chief Executive
In a surprising announcement, Under Armour revealed that CEO Stephanie Linnartz is stepping down from her role, just over a year after taking the helm. The athletic brand’s founder, Kevin Plank, will return as the chief executive, effective April 1st.
Linnartz, who joined Under Armour in February 2023 after nearly 30 years at Marriott International, will stay on with the company as an advisor through the end of April. Plank, who founded Under Armour in 1996, stepped down as CEO four years ago but has remained as the company’s chairman.
Under Armour’s board of directors will also see some changes, with Mohamed El-Erian taking over as chairman from Plank. El-Erian, the chief economic advisor at Allianz, Pimco’s parent company, will bring his expertise to the brand’s leadership team.
Linnartz’s tenure at Under Armour focused on digital sales growth and expanding the brand’s women’s assortment to attract more customers. She launched the UA Rewards program and made strides in product development and consumer connectivity during her time as CEO.
“I am proud of our progress against our strategic plan, including strengthening our team, evolving our products, and increasing our focus on profitability,” Linnartz said in a statement. “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.”
Plank also expressed his gratitude for Linnartz’s contributions to the brand, praising her for strengthening the leadership team and driving the consumer strategy forward. He emphasized her role in hiring key executives and focusing on product innovation during her time as CEO.
As Under Armour prepares for a new chapter under Plank’s leadership, the brand’s future growth and success remain at the forefront. Stay tuned for more updates as Under Armour navigates through this transition period.
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