Under Armour (UA) founder Kevin Plank, the current Executive Chair of the Board, is set to again become President and CEO of the Baltimore, Maryland company on April 1. At the same time, Dr. Mohamed A. El-Erian, an independent UA director since 2018 and lead director since 2020, will become the group’s non-executive Chair of the Board.
With Plank’s new role, Stephanie Linnartz, the Marriott International executive who joined Under Armour 13 months ago as President, CEO and Director to replace Patrik Frisk, will depart. She will remain an Under Armour consultant until April 30.
During her brief tenure, Linnartz orchestrated an overall of the brand’s senior management team that included the hiring of a Chief Supply Chain Officer, Chief Product Officer, Chief Design Officer, new Managing Director for its European business last month in Kevin Ross, and the naming of the brand’s former EMEA head Kara Trent as President of UA’s Americas business.
During its recently completed Q3 for the period ended Dec. 31, UA beat earnings per share (EPS) expectations, but its overall revenues lagged. With the result, the group tightened its FY24 forecast for the 12 months ending March 31 to a 3 to 4 percent drop in total revenues and an operating income range of $287-$297 million. In Q3, the EMEA and Latin America were the only two geographic regions to post higher year-over-year sales.
