- Push-out Score determined
- After less than two and a half years in the position
- Praise and thanks for Frisk
- Colin Browne taking over temporarily
- Search for a successor
- Frisk said 74 words
(exechange) — Baltimore, Maryland, May 18, 2022 — Patrik Frisk, chief executive of Under Armour, leaves. As announced by Under Armour Inc. in a news release and in a regulatory filing published on Wednesday, May 18, 2022, Patrik Frisk leaves his post as chief executive officer at the sportswear retailer, after less than two and a half years in the role, effective June 1, 2022.
Under Armour will undertake a search for a successor.
Patrik Frisk’s duties as CEO will be taken over temporarily by Colin Browne, currently Chief Operating Officer at Under Armour Inc., as interim Chief Executive Officer.
“Identifying additional opportunities to drive improved returns”
Under Armour did not give an explicit reason for Patrik Frisk’s departure from the CEO post. Kevin Plank, Under Armour Founder, Executive Chairman and Brand Chief, said: “Under Armour is evolving to meet the needs of our athletes worldwide. As we transition, we are committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates. There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it.”
Precise information regarding Patrik Frisk’s future plans was not immediately available.
“Step down”
Under Armour said: “Patrik Frisk will step down as President and Chief Executive Officer (CEO) and as a member of the Board of Directors (board), effective June 1, 2022.”
Share price decline since January 2020
The announcement follows a decline in Under Armour Inc.’s share price of 46% since January 2020. January 2020 is the month in which Frisk’s tenure as CEO began.
In the position of CEO since 2020
Patrik Frisk became CEO of the Company in 2020.
To support the transition, Frisk will remain with Under Armour as an advisor through September 1, 2022.
Frisk was appointed President and Chief Executive Officer of Under Armour and a member of its Board of Directors in January 2020, after serving as President and Chief Operating Officer since July 2017 when he joined the company.
Frisk has more than 30 years of experience in the apparel, footwear and retail industry.
Before joining Under Armour, he was Chief Executive Officer of The ALDO Group, a global footwear and accessories company.
Before that, he spent more than a decade with VF Corporation where he held numerous leadership positions including Coalition President of Outdoor Americas (The North Face® and Timberland®), President of the Timberland® brand, President of Outdoor & Action Sports (EMEA), and Vice President and General Manager of The North Face®.
Before joining VF Corporation, Frisk ran his own retail business in Scandinavia and held senior positions with Peak Performance and W.L. Gore & Associates.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Patrik Frisk’s move 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 21.2022 ($).