Under Armour CEO to depart
Under Armour has begun the search for a new chief executive.
The sporting goods brand said that Patrik Frisk will step down as president, CEO and as a member of the board, effective June 1, 2022. No reason was given for his departure.
Under Armour said it will conduct an internal and external search to identify a permanent president and CEO. Until a successor is named, it has appointed Colin Browne, COO, as interim president and CEO. To support the transition, Frisk will remain with Under Armour as an advisor through September 1.
Frisk joined Under Armour in 2017 and took the reins as CEO from founder Kevin Plank at the beginning of 2020. He helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems and go-to-market process, the company said.
“During his [Frist’s] tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik's steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase,” said Plank, who serves as executive chairman and brand chief. “As we search for Patrik's permanent successor, Colin's experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO."
Interim CEO Browne joined the company in 2016 as president of global sourcing and was named COO in 2020. He modernized Under Armour's digital go-to-market strategy and direct-to-consumer model and transformed its supply chain organization, leading to significant margin improvement and operating efficiency, the company said.
Browne has held the role of COO since 2020 and oversees supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy, and distribution capabilities. Browne has been an integral part of the company's successful transformation, and his leadership has been critical to navigating global supply challenges caused by the pandemic.
“What unifies and drives Under Armour is our purpose: to empower those who strive for more,” Browne stated. “This transition is an opportunity to further our long-term goals. I am grateful for Patrik's leadership and partnership. As we work to deliver industry-leading innovation and premium experiences to athletes globally, we remain focused on amplifying the strong foundation that's been set over the past few years."