After serving as CEO since the company's start in 1996, Under Armour founder Kevin Plank is stepping down. Effective 1st of January, Patrik Frisk will become the company’s CEO and president, reporting to Mr Plank, who will become executive chairman and brand chief.

This change comes on the heels of a rough few months in the news. Earlier this year, the Wall Street Journal published a story about a relationship between Mr Plank and MSNBC anchor Stephanie Ruhle that blurred lines between professional and private. Prior to that, the Journal reported Under Armour had been allowing employees to charge strip clubs to company credit cards. 

Mr Plank has also been in the news for less scandalous reasons, including defending Under Armour’s home city of Baltimore against insulting comments from Donald Trump. Mr Plank will continue to lead the company’s board of directors while focusing on product elevation, brand story and the company’s team culture.

The appointment of Mr Frisk follows what Mr Plank described as a multi-year transition approach. "As my partner during the most transformative chapter in our history,” said Mr Plank, “[Mr Frisk] 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."

Mr Frisk, who joined Under Armour in 2017, said: “The opportunity that lies ahead of us is incredible. As our entire global team continues to lean hard into our transformation, I am honored to lead this great brand toward the realization of its full potential."

Before joining Under Armour, Mr Frisk was CEO of The ALDO Group, a global footwear and accessories company. He has also spent more than a decade with VF Corporation, with leadership positions including president of the Timberland brand, president of outdoor and action sports (EMEA), and vice president and general manager of The North Face.