• Plank, who founded the company in 1996, will become executive chairman and brand chief.
  • Patrik Frisk has been named at the replacement CEO effective 1 January 2020.
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Under Armour's founder Kevin Plank is stepping down from his role as CEO of the company after 23 years.

Plank will take on the roles of executive chairman and brand chief at Under Armour. His duties as CEO will be taken up by Patrik Frisk, currently president and chief operating officer of the company. Frisk will officially take up his new position on 1 January 2020.

"Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour's next CEO," Plank in a statement to the press on Tuesday .

He continued: "As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation."

This story is developing.

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