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Below Armour Founder Kevin Plank Returns as CEO, Shares Drop

Athletic and sporting items model Below Armour simply introduced a serious shakeup as the corporate’s founder, Kevin Plank, has returned to his function as CEO. He replaces Stephanie Linnartz after she spent roughly one yr within the place.

“On behalf of the complete staff, I need to thank Stephanie for her contributions to Below Armour. We deeply respect her arduous work and dedication,” Plank stated in a firm assertion. “Her prior expertise main main manufacturers was instrumental in focusing our client technique, together with the launch of the U.S. loyalty program, UA Rewards. Her efforts have helped set us on the correct path, and we want her success in her future endeavors.”

Linnartz will stay on the firm as an advisor by way of April 30 earlier than totally departing, and Plank will assume his function as CEO starting April 1.

Associated: Below Armour’s CEO Was “Broke” After Yr One

Linnartz made the leap to the retail trade in 2023 after 25 years in hospitality, most just lately being appointed as World Chief Business Officer at Marriott. She was tapped for the function to assist the struggling athleticwear model, which included a three-year plan to concentrate on womenswear and athleisure and making modifications to high management.

“I really feel honored to have served as Below Armour’s President & CEO and labored with many unbelievable teammates who care deeply in regards to the firm’s goal and mission,” Linnartz stated. “Now we have a powerful basis in place for future development and the corporate’s potential is limitless. I’ll proceed to root for Below Armour’s success.”

Below Armour shares plummeted upon the announcement of Linnartz’s departure, dropping almost 12% in inventory valuation early Thursday, reportedly because of Plank’s controversial previous.

Plank stepped down in 2020 after a bombshell Wall Avenue Journal report revealed that he had been in search of enterprise recommendation from MSNBC anchor Stephanie Ruhle, together with flying her on personal jets with the corporate plane and reportedly taking her recommendation over the corporate’s administration staff.

Associated: Below Armour CEO Unexpectedly Steps Down, Receives $7.1 Million in Severance

Plank was changed on the time by the previous CEO of Aldo Group, Patrik Frisk, who introduced his resignation in Might 2022.

Below Armour had a gradual vacation quarter in 2023, with a 6% lower in North American income and a internet revenue of $114.1 million quarterly (as in contrast with $121.6 million on the similar time final yr).

As of Thursday afternoon, Below Armour was nonetheless down almost 11% in a 24-hour interval.

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