Under Armour Inc (NYSE:UA) has announced founder Kevin Plank will return to the helm of the sportswear company next month.
Having set up Under Armour in 1996 and served as chief executive until 2019, Plank will replace Stephanie Linnartz, who is set to step down after little over a year.
“I feel honoured to have served as Under Armour's President and chief executive,” Linnartz said.
“I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability.”
Plank will transition from his current role of executive chair of Under Armour’s board, with Mohamed A. El-Erian set to take on the position of non-executive chair.
“With Kevin's vision and drive serving as critical components, board members and I look forward to working closely with him and the Under Armour leadership team to unleash shareholder value and drive the company forward,” El-Erian commented.
The changes come after Under Armour has faced sustained share price losses since late 2021 on the back of intense competition from other sportswear retailers and muted demand following soaring inflation.
Under Armour shares climbed 3% to US$8.01 in pre-market trading following the news.