Under Armour is undergoing a leadership change. Founder Kevin Plank will return to the role of CEO, effective April 1, 2024. Stephanie Linnartz, current CEO, will step down and transition into an advisory role until the end of April.
During her tenure as the CEO, Linnartz was responsible for not only building a strong team but also revamping products and marketing strategies, and prioritising profitability.
Praising Linnartz’s contributions, Plank said, she was responsible for strengthening the leadership team and consumer focus, which included launching the UA Rewards loyalty program.
Dr Mohamed El-Erian, who previously served as lead director, will take over as the non-executive chair of the board. Plank will remain a director on the board while assuming his new CEO responsibilities.
This leadership change comes after Under Armour recently raised its full-year earnings forecast. The company has been working on cost-cutting measures to offset declining revenue and manage excess inventory that has plagued the industry.
