- Push-out Score determined
- After 24 years in the position
- Patrik Frisk taking over
- Plank will remain as Executive Chairman & Brand Chief at Under Armour
- Plank spoke at length and said 143 words
(exechange) — Baltimore, Maryland, October 22, 2019 — Kevin Plank, chief executive of Under Armour, leaves his position. As announced by Under Armour Inc. in a news release and in a regulatory filing published on Tuesday, October 22, 2019, Kevin A. Plank leaves his post as Chief Executive Officer at the footwear company after 24 years in the role, effective January 1, 2020.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.2 years, according to data compiled by exechange. On an accumulated basis, around 3% of the CEOs who announced their departure over the past 12 months left their posts after more than 20 years.
Kevin Plank’s duties as CEO will be taken over by Patrik Frisk, currently President & Chief Operating Officer of Under Armour, Inc.
“Multi-year, transition approach”
Kevin Plank’s departure from the CEO post is explained as follows. Plank said: “Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO.”
Plank will remain as Executive Chairman & Brand Chief at Under Armour
“Plank, having served as Chairman and CEO since he founded the company in 1996, will become Executive Chairman & Brand Chief continuing to lead Under Armour’s Board of Directors while focusing on product elevation, amplifying the brand story and stewarding the company’s strong team culture,” Under Armour said.
Share price decline
The announcement follows a decline in Under Armour, Inc.’s share price of 18% since July 2019.
In the position of CEO since 1996
Kevin Plank became CEO of the Company in January 1996.
Plank is the founder of Under Armour and has served as the Company’s Chief Executive Officer and Chairman of the Board of Directors since 1996.
Plank also serves on the Board of Directors of the National Football Foundation and College Hall of Fame, Inc. and is a member of the Board of Trustees of the University of Maryland College Park Foundation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Under Armour and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2019 ($).