Under Armour Founder Kevin Plank Reported to Return as CEO and the Company's Share Price Suddenly Jumped

By Trisha Andrada

Mar 14 2024, 06:55 AM EDT

Under Armour founder Kevin Plank is taking over as CEO of the sportswear company again. According to a press release on Wednesday, this means that Stephanie Linnartz, the current executive boss, is stepping down a little over a year after joining the firm.

The New York Post reported that following the announcement, the company's stock climbed 6% to $8.26 by the end of the trading day.

Leadership Transition of Under Armour

Kevin Plank will assume the position on April 1, while Stephanie Linnartz will remain an advisor to the company until April 30. Under Armour also announced that Mohamed El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive Chair of the Board.

Plank will stay a director on the company's board but will hand over the chair position to El-Erian, chief economic advisor at Allianz, Pimco's parent company.

Before joining Under Armour as CEO in February 2023, Linnartz spent almost 30 years at Marriott International, most recently as its president. Plank founded Under Armour in 1996 and has been the driving force behind its innovative products and brand since then.

He served as Under Armour's CEO and Chair of the Board of Directors from 1996 to 2019. He first stepped down from the CEO role in January 2020 to become Executive Chair and Brand Chief.

Stephanie Linnartz as Under Armour CEO

Under Stephanie Linnartz's leadership, Under Armour has expanded its women's collection and introduced UA Rewards, two initiatives to increase its customer base, according to CNBC. In the statement, Kevin Plank thanked Linnartz for her work and dedication.

"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. During her tenure, she strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity, and regional management," said Plank.

"Her prior experience leading major brands was instrumental in focusing our consumer strategy, including the launch of the U.S. loyalty program, UA Rewards. Her efforts have helped set us on the right path, and we wish her success in her future endeavors," he added.

On the other hand, Linnartz said she feels "honored" to have served as CEO of Under Armour and "worked with many incredible teammates who care deeply about the company's purpose and mission."

"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," Linnartz noted.

"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," she added.