Patrik Frisk, Under Armor’s newly appointed CEO, speaks at the Under Armor Human Performance Summit 2020 on January 14, 2020 in Baltimore, Maryland.
Olivier Douliery | AFP | beautiful pictures
Under armour said its president and chief executive officer, Patrik Frisk, will step down, effective June 1, as the sportswear retailer looks for a replacement.
Going forward, current CEO Colin Browne will serve as chairman and chief executive officer, the company said Wednesday in a press release. Frisk is also expected to stay with Under Armor as an advisor through September 1.
Frisk gave no reason for his widely unexpected departure. He did not immediately respond to CNBC’s request for comment.
The former CEO of footwear joint stock company Aldo Group joined Under Armor in 2017, and he took over as CEO from the company’s founder, Kevin Plankin January 2020.
During his tenure, Frisk helped lead Under Armor through a major change, which also occurred amid the Covid-19 pandemic.
Frisk worked to limit the amount of discounts Under Armor offered to third-party retailers for profit. He tried to make the brand seem more upscale next to its peers like Nike and Lululemon.
“I’m incredibly proud of what we’ve achieved as a team,” Frisk said in a statement released Wednesday. “Together, we’ve done a lot of work to strengthen this iconic brand while significantly strengthening its operations.”
Under Armor said it will conduct both internal and external searches of its new CEO.
Shares fell more than 3% after hours. Under Armor shares are down about 50% so far.
Read the full press release from Under Armor this.
