Under Armour has announced that President and CEO Patrik Frisk will be stepping down. Frisk started at Under Armour in June 2017 as President and COO, which developed him to take on the roles of President and CEO in January 2020. Additionally, Frisk will also step down as a member of Under Armour’s Board of Directors. All of the pending changes will go into effect on June 1, 2022.
As reported by Footwear News, COO Colin Browne has been appointed Interim President and CEO while the board continues to explore potential candidates for Frisk’s successor. Frisk will aid the transition as an advisor until September 1, 2022.
“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,” Frisk said in a statement. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. Colin has an intimate understanding of the Under Armour business and our industry. I have every confidence that his stewardship will allow for a seamless transition.”
Before Under Armour, Frisk was the CEO of Aldo Group for over two years, which is modest compared to the 11 years that he spent as various leadership roles at VF Corp. Frisk was able to take on the position of CEO when Under Armour Founder Kevin Plank stepped down from the position in October 2019. Plank remains at Under Armour as Executive Chairman and Brand Chief.
“On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years,” Plank said in a statement. “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.”
Working alongside Frisk, Brown started at Under Armour in 2016 as President of Global Sourcing, and was promoted to COO in January 2020. Under Armour has credited Browne with adding efficiency to the brand’s direct-to-consumer model and marketing strategies. Browne has also revamped Under Armour’s supply chain organization, which has lead to staggering improvements in the brand’s overall operations. These attributes have especially shined during the chaos caused by pandemic-related global supply challenges.
“What unifies and drives Under Armour is our purpose: to empower those who strive for more. This transition is an opportunity to further our long-term goals. 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,” Browne said in a statement.