Under Armour founder Kevin Plank has returned to lead and manage his company after the resignation of his successor, Stephanie Linnartz.
According to the company's press release, the leadership change would take effect on April 1. This also meant that the company's lead director, Dr. Mohamed A. El-Erian, would succeed Plank as chair of the board in a non-executive capacity, while Plank would remain a director on the company's board.
"On behalf of the full team, I want to thank Stephanie for her contributions to Under Armour," Plank said in the statement. "We deeply appreciate her hard work and dedication."
Read also: Bloomberg: Shein Considers Going Public in London Due to China Ties, Problematic Production
Plank founded Under Armour in 1996 and served as its top boss until 2019. In January 2020, he was appointed as the company's executive chair and brand chief. The company's shares rose 6% to $8.26 after the bell, Reuters reported.
Linnartz, who would remain with the firm in an advisory role until April 30, said that she was "honored" to lead the company and was "proud" of its progress and evolution as a company and as a brand.
She took over as Under Armour CEO in February 2023 after spending nearly 30 years at Marriott International, most recently as its president. Despite spending the majority of her career in the hospitality business, she was tapped to lead Under Armour for her experience in building digital sales and for her experience developing Marriott's renowned loyalty program Bonvoy.
During her stint as Under Armour top boss, Linnartz launched US Rewards and had plans to build out the brand's women's apparel to grow its customer base. Under Armour declined reporters' requests for comment about the leadership change.
Related Article : H&M CEO Helena Helmersson Quits Amid Plummeting Sales, Shares
