Under Armour founder Kevin Plank assumes CEO role

Under Armour has named Kevin Plank as president & chief executive officer, effective April 1, 2024. Plank will succeed Stephanie Linnartz.

In connection with Plank's appointment, the company said, Dr. Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive chair of the board. Plank will remain a director on the board, while Linnartz will remain an advisor to the company through April 30, 2024.

"On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour. Her prior experience leading major brands was instrumental in focusing our consumer strategy, including the launch of the U.S. loyalty program, UA Rewards," said Plank.

Reflecting on his appointment as CEO, Plank added: "As the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders. I am energised about the team we have put into place and look forward to seizing the opportunities ahead."

The company added that Plank founded Under Armour in 1996, and since then, he has been the driving force behind its innovative products and brand. From 1996 to 2019, he served as Under Armour's CEO and chair of the board of directors. In January 2020, Plank was appointed executive chair and brand chief.

Dr. Mohamed A. El-Erian is the president of Queens' College, University of Cambridge. Since 2014, he has served as chief economic advisor at Allianz, the corporate parent of PIMCO, where he was chief executive and co-chief investment officer from 2007 to 2014.

He is chair of Gramercy Fund Management, a columnist for Bloomberg Opinion, and a contributing editor at the Financial Times. He is a professor of practice at the Wharton School of the University of Pennsylvania and a senior global fellow at the Lauder Institute there.

Before PIMCO, Dr. El-Erian was a managing director at Solomon Smith Barney/Citigroup in London, and before that, he spent 15 years at the International Monetary Fund in Washington, D.C., where he served as deputy director before moving to the private sector.