- After about a year in the position
- Praise, thanks and good wishes for Linnartz
- Kevin Plank taking over
- Linnartz said 77 words
(exechange) — Baltimore, Maryland, March 13, 2024 — Stephanie Linnartz, chief executive of Under Armour, leaves her position. As announced by Under Armour Inc. in a news release and in a regulatory filing published on Wednesday, March 13, 2024, Stephanie C. Linnartz leaves her post as chief executive officer at the sportswear brand, after about a year in the role, effective March 31, 2024.
Generally speaking, it raises questions when a CEO leaves her post at short notice and after a short tenure.
Stephanie Linnartz’s duties as CEO will be taken over by Kevin A. Plank, a former Chief Executive Officer at Under Armour Inc.
“The company continues to navigate several post-pandemic consumer, industry, and brand-specific factors”
Under Armour did not give an explicit reason for Stephanie Linnartz’s departure from the CEO post. Plank stated: “As the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders.”
Precise information regarding Stephanie Linnartz’s future plans was not immediately available.
“Stepping down”
Under Armour said: “Plank will succeed Stephanie Linnartz, who will be stepping down as President & Chief Executive Officer and member of the Board.”
Under Armour further said: “Stephanie C. Linnartz, the Company’s President and Chief Executive Officer (and principal executive officer), will be stepping down from her officer roles and as a member of the Company’s Board of Directors (the “Board”), in each case effective as of the close of business March 31, 2024.”
Share price decline since March 2023
The announcement follows a decline in Under Armour Inc.’s share price of 10% since March 2023.
In the position of CEO since 2023
Stephanie Linnartz became CEO of the Company in 2023.
Linnartz will remain an advisor to the company through April 30, 2024.
Linnartz has been President and Chief Executive Officer and a member of the Company’s Board of Directors since February 2023.
Before joining Under Armour, Linnartz served as the President of Marriott International, Inc. beginning in February 2021.
Prior to her role as President, she served as Marriott’s Group President Consumer Operations, Technology and Emerging Businesses from 2020 to 2021, and as Marriott’s Executive Vice President and Global Chief Commercial Officer from 2013 to 2019.
Linnartz joined Marriott as a financial analyst in 1997, and held several positions in finance before moving into sales and marketing.
Linnartz also serves on the Board of Directors of The Home Depot, Inc. and is a member of its Audit and Leadership Development & Compensation Committees.
77 words by Stephanie Linnartz
In the release announcing her departure as CEO of Under Armour Inc., Stephanie Linnartz received praise, thanks and good wishes.
In announcing her departure, Stephanie Linnartz said 77 words.
“Increasing our focus on profitability”
Stephanie Linnartz stated: “I feel honored to have served as Under Armour’s President & CEO and worked with many incredible teammates who care deeply about the company’s purpose and mission. I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability. We have a strong foundation in place for future growth and the company’s potential is limitless. I will continue to root for Under Armour’s success.”
The above text is an excerpt from the exechange report 12.2024 ($), publication date March 18, 2024.