Under Armour announced on Wednesday that CEO Stephanie Linnartz is stepping down from her role just over a year after she started, and founder Kevin Plank will return as the brand’s chief executive.
Linnartz took over as Under Armour’s CEO in February 2023 after spending nearly 30 years at Marriott International, most recently as its president. Plank, who founded Under Armour in 1996, stepped down as CEO about four years ago but has stayed on as the athletic company’s chairman.
Plank will take over on April 1 and Linnartz will stay on with the company as an advisor through the end of April.
Plank will remain a director on Under Armour’s board but will hand over the chair position to Mohamed El-Erian, chief economic advisor at Allianz, Pimco’s parent company.
Linnartz, who spent the majority of her career in the hospitality business, was tapped to lead Under Armour because of her experience building out digital sales and developing Marriott’s renowned loyalty program Bonvoy.
Since taking the helm of Under Armour, she launched UA Rewards and had plans to build out the brand’s women’s assortment to grow its customer base.
“On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour. We deeply appreciate her hard work and dedication,” Plank said in a statement. “During her tenure, she strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity, and regional management. Her prior experience leading major brands was instrumental in focusing our consumer strategy.”
In a statement, Linnartz said she feels “honored” to have served as Under Armour’s CEO.
“I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability,” said Linnartz. “We have a strong foundation in place for future growth and the company’s potential is limitless. I will continue to root for Under Armour’s success.”
Source: CNBC
