Under Armour CEO To Step Down From Baltimore-Based Company

BALTIMORE, MD — Under Armour, which is headquartered in Baltimore, announced Wednesday that Patrik Frisk will step down as president and chief executive officer as well as a member of the board of directors on June 1, 2022.

In a news release, the company said the board has initiated a comprehensive internal and external search process to identify a permanent president and CEO.

"On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years," said Kevin Plank, Under Armour Founder, Executive Chairman and Brand Chief.

"During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik's steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase. As we search for Patrik's permanent successor, Colin's experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO," he continued

Frisk, who joined Under Armour in 2017, helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems, and go-to-market process, the company said.

"It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates. I am extremely proud of what we've accomplished as a team," said Frisk. "Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations."

Frisk did not say why he is stepping down from Under Armour.

Until a successor is named, the board said it has appointed Colin Browne, the company's chief operating officer (COO), as interim president and CEO, effective June 1, 2022.

To support the transition, Frisk will remain with Under Armour as an advisor through Sept. 1, 2022.