Under Armour founder Kevin Plank steps down as CEO after two decades

Kevin Plank, Under Armour founder

Under Armour names new boss to face the hard competition with Nike and Adidas. Kevin Plank, founder of the sportswear company, has step down as CEO after two decades in the role. He will be replaced by current chief operating officer Patrik Frisk, who will take on the new role on January 1, 2020. Plank will become executive chairman and brand chief, Under Armour said in a press release.

Frisk joined Under Armour in 2017 from footwear and accessories retailer Aldo Group to hel steer a turnaround plan. In the release, Plank called Frisk “the right person” to be Under Armour’s CEO. “As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand’s vision,” Plank said.

This change aim to help Under Armour face the hard competition with rivals Nike and Adidas in North America. In its most recent earnings report, Under Armour’s sales in the region declined 3% compared with a year ago.