Under Armour said its president and chief executive officer, Patrik Frisk, will be stepping down, effective June 1, as the sportswear retailer searches for a replacement.
In the interim, current Chief Operating Officer Colin Browne will serve as president and CEO, the company said Wednesday in a press release. Frisk is also expected to remain with Under Armour as an advisor through Sept. 1.
Frisk didn’t give a reason for his widely unexpected departure. He didn’t immediately respond to CNBC’s request for comment.
The former CEO of footwear holding company Aldo Group joined Under Armour in 2017, and he took over as CEO from the company’s founder, Kevin Plank, in January of 2020.
During his tenure, Frisk helped to drive Under Armour through a massive turnaround, which also happened to take place amid the Covid-19 pandemic.
Frisk has worked to limit the amount of discounting that Under Armour does with third-party retailers in an attempt to buoy profits. He has tried to make the brand appear more premium next to its peers such as Nike and Lululemon.
“I am extremely proud of what we’ve accomplished as a team,” Frisk said in a statement issued Wednesday. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations.”
Under Armour said it will conduct both internal and external searches for its new CEO.
The stock fell more than 3% after hours. Under Armour shares are down about 50% year to date.
Read the full press release from Under Armour here.
