Kevin Plank is stepping down as CEO of Under Armour

Mary Hanbury

October 22, 2019 11:55 AM

Under Armour's Kevin Plank is stepping down as CEO of the business.

Kevin Plank

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.
Visit BusinessInsider.com for more stories .

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.

NOW WATCH: A pair of Air Jordans can resell for up to $2,000. Here's why these iconic Nike sneakers are so expensive.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!