Under Armour Inc. (NYSE: UA) announced that it has named Patrik Frisk as the new Chief Executive Officer, effective January 1, 2020. Frisk, who is currently President & COO, will replace Kevin Plank, who in turn will become Executive Chairman & Brand Chief.
Frisk will serve as CEO & President and he will report to Kevin Plank. He will also join the company’s Board of Directors. Frisk joined Under Armour in 2017 and he has around 30 years of experience in the retail industry. Before joining Under Armour, he was CEO of The ALDO Group.
Kevin Plank said, “Having earned the trust and respect of our teammates, customers and shareholders, Patrik’s proven track record of industry experience, straightforward leadership style and championship of our brand and culture makes him uniquely positioned to smartly capitalize on the opportunities in front of us.”
Shares of Under Armour gained 2.3% in premarket hours on Tuesday. The company is set to report its third quarter 2019 earnings results on November 4.
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