One analyst believes Molloy has the leadership qualities to take Under Armour to the next level of growth

One analyst believes Molloy has the leadership qualities to take Under Armour to the next level of growth

Performance wear specialist Under Armour has appointed Chip Molloy as its new CFO, a move which has been described by one analyst as a "great hire". 

Effective 19 January, Molloy will replace Brad Dickerson, who stepped down as CFO and COO in October after 11 years with the company. 

Under Armour CFO Dickerson steps down

To help ensure a smooth transition, Molloy will work closely with Dickerson, who will remain with the company in an advisory capacity until February. David Bergman, vice president of finance and corporate controller will also play a key role in the transition.

Molloy most recently served as a senior advisor for Atlanta-based private equity firm Roark Capital Group, after holding the position of EVP and CFO at PetSmart for five years. 

"Chip's success and experience as a public company CFO, his financial expertise and his outstanding leadership qualities will be an invaluable addition to the team," said chairman and CEO Kevin Plank.

FBR & Co analyst Susan Anderson described the appointment as a "great hire" for Under Armour from both an experience and fit perspective. 

"He was well liked while at PetSmart and has the leadership qualities to take Under Armour to the next level of growth," she noted. "With the CFO position now filled and a solid executive bench, uncertainty regarding the executive team is now limited, and we expect Under Armour to continue to execute at a high level with top-line growth in the high 20% to low 30% range over the next several years."