Under Armour said its founder Kevin Plank will be succeeding Stephanie Linnartz, who is stepping down from her roles as president and CEO, as well as member of the Board.

Linnartz said: “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. 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.”

Plank who will transition from executive chair of the board to assuming his new positions on 1 April 2024, will remain a director, while Linnartz will remain an advisor to the company until 30 April 2024.

He pointed out that as the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, Under Armour is working hard to reconstitute its strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders.

He said: “For nearly 30 years, Under Armour has focused on inspiring athletes with industry-leading, performance solutions they never knew they needed and once they’ve tried them, can’t imagine living without. I am energised about the team we have put into place and look forward to seizing the opportunities ahead.”

Plank founded Under Armour in 1996 and served as the brand’s CEO and chair of the board of directors from 1996 to 2019. In January 2020 Plank was appointed executive chair and brand chief.

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In line with Plank’s appointment, Dr Mohamed A. El-Erian, an independent director since 2018 and lead director since 2020, will become the non-executive chair of the board.

Dr. El-Erian stated: “With Kevin’s vision and drive serving as critical components, board members and I look forward to working closely with him and the Under Armour leadership team to unleash shareholder value and drive the company forward.”

Dr. El-Erian 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 and he is the president of Queens’ College, University of Cambridge.

This news follows Under Armour’s fiscal 2024 outlook update with the brand expecting sales to fall between 3% and 4% after third-quarter (Q3) profits sank on weaker sales.