Now Reading
Under Armour CEO Patrik Frisk To Step Down

Under Armour CEO Patrik Frisk To Step Down

Under Armour CEO Patrik Frisk To Step Down

Under Armour’s president and chief executive officer (CEO), Patrik Frisk, will be stepping down from his role effective June 1, 2022.

Frisk, who began working for the company back in 2017, has helped the sportswear giant restructure its business, particularly in North America, to better stabilize the brand. He has been recognized for his efforts in helping the company power through a massive turnaround over the course of the COVID-19 pandemic.

“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 founder and executive chairman Kevin Plank.

Under Armour revealed that Frisk would remain with the company as an adviser through September 1, 2022, while the board looks for a new president and CEO. And while the company works on finding a replacement for Frisk, chief operating officer (COO) Colin Browne, will assume the role as interim CEO. Browne joined Under Armour in 2016 and has been its operating chief since 2020.

Although the reason for Frisk’s sudden departure remains unclear, he is set to receive $7.1 million in severance pay and an additional $1.3 million in consulting fees through September 2023 as part of his separation agreement, according to a company filing with the Securities and Exchange Commission.

“I am extremely proud of what we’ve accomplished as a team,” said Frisk in a statement issued Wednesday. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations.”

Frisk’s departure comes at a time when the company is continuing to struggle with supply chain disruptions and lockdowns in China, which have pushed its shares down by more than 50% this year.

Following the announcement, the company’s stock fell more than 3% in extended trading. Under Armour’s shares are down about 50% year to date.

Scroll To Top