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Athletic and sporting items model Below Armour simply introduced a serious shakeup as the corporate’s founder, Kevin Plank, has returned to his function as CEO. He replaces Stephanie Linnartz after she spent roughly one 12 months within the place.
“On behalf of the complete workforce, I wish to thank Stephanie for her contributions to Below Armour. We deeply respect her laborious work and dedication,” Plank mentioned in a company statement. “Her prior expertise main main manufacturers was instrumental in focusing our shopper technique, together with the launch of the U.S. loyalty program, UA Rewards. Her efforts have helped set us on the best path, and we want her success in her future endeavors.”
Linnartz will stay on the firm as an advisor by April 30 earlier than absolutely departing, and Plank will assume his function as CEO starting April 1.
Associated: Under Armour’s CEO Was “Broke” After Year One
Linnartz made the jump to the retail trade in 2023 after 25 years in hospitality, most lately being appointed as World Chief Business Officer at Marriott. She was tapped for the function to assist the struggling athleticwear model, which included a three-year plan to deal with womenswear and athleisure and making modifications to high management.
“I really feel honored to have served as Below Armour’s President & CEO and labored with many unbelievable teammates who care deeply in regards to the firm’s function and mission,” Linnartz mentioned. “Now we have a powerful basis in place for future development and the corporate’s potential is limitless. I’ll proceed to root for Below Armour’s success.”
Below Armour shares plummeted upon the announcement of Linnartz’s departure, dropping practically 12% in inventory valuation early Thursday, reportedly because of Plank’s controversial previous.
Plank stepped down in 2020 after a bombshell Wall Street Journal report revealed that he had been in search of enterprise recommendation from MSNBC anchor Stephanie Ruhle, together with flying her on non-public jets with the corporate plane and reportedly taking her recommendation over the corporate’s administration workforce.
Associated: Under Armour CEO Unexpectedly Steps Down, Receives $7.1 Million in Severance
Plank was changed on the time by the previous CEO of Aldo Group, Patrik Frisk, who introduced his resignation in Might 2022.
Below Armour had a slow holiday quarter in 2023, with a 6% lower in North American income and a internet revenue of $114.1 million quarterly (as in contrast with $121.6 million on the identical time final 12 months).
As of Thursday afternoon, Below Armour was still down practically 11% in a 24-hour interval.
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