Patrik Frisk will step down as President, CEO and member of the Board of Directors of Under Armour, effective June 1, 2022. While the search for a new President and CEO is underway, the company’s COO Colin Browne will step into the roles on an interim basis. Frisk, who has been with the company since 2017 and at the helm since 2020, will stay on as an advisor through Sept. 1, 2022 to help with the leadership transition.
The last five years have been a turbulent period for the sportswear brand, which saw business begin to slide in 2017 following years of record growth. The company underwent several rounds of jobs cuts and a $200 million dollar restructuring in 2018, followed by an SEC investigation into its accounting practices in 2019.
Prior to joining Under Armour in 2017, Frisk was CEO of The ALDO Group and spent more than a decade in various leadership positions within VF Corporation. Frisk’s remit when he joined was to reengineer Under Armour’s structure, systems and go-to-market process. He took over as CEO when founder Kevin Plank stepped down from the position in 2020 after 23 years at the helm. Frisk promptly set about shifting the company’s focus away from wholesale and toward DTC, following in the footsteps of competitors in the space like Nike and lululemon.
“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,” said Plank in a statement. “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.”
Since joining the company in 2016, Browne has modernized Under Armour’s digital go-to-market strategy and DTC model and worked to transform the company’s supply chain organization. Browne has held the role of COO since 2020. “This transition is an opportunity to further our long-term goals,” said Browne in a statement. “I am grateful for Patrik’s leadership and partnership. As we work to deliver industry-leading innovation and premium experiences to athletes globally, we remain focused on amplifying the strong foundation that’s been set over the past few years.”
In its latest earnings report in February, the company beat quarterly estimates for fiscal Q4 but said supply chain constraints continue to hamper its outlook.
“Under Armour is evolving to meet the needs of our athletes worldwide,” added Plank. “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.”