Kevin Plank, founder of Under Armour, during a CNBC interview on “Mad Money” on February 28, 2018.
Scott Mlyn | CNBC
under the armor announced Wednesday that CEO Stephanie Linnartz will step down from her role just over a year after she started, and founder Kevin Plank will return as the brand's CEO.
Linnartz assumed the role of CEO of Under Armor in February 2023 after spending nearly 30 years at Marriott International, most recently as president. Plank, who founded Under Armor in 1996, stepped down as CEO about four years ago but remained as president of the sports company.
Plank will take over on April 1 and Linnartz will remain with the company as an advisor until the end of April.
Plank will remain a director of Under Armour's board of directors, but will hand over the chairmanship to Mohamed El-Erian, chief economic adviser at Allianz, Pimco's parent company.
Linnartz, who spent most of her career in the hospitality business, was chosen to lead Under Armor because of her experience developing digital sales and developing Marriott's renowned Bonvoy loyalty program.
Since taking the helm at Under Armour, she launched UA Rewards and had plans to expand the brand's women's range to grow its customer base.
“On behalf of the entire team, I want to thank Stephanie for her contributions to Under Armour. We deeply appreciate her hard work and dedication,” Plank said in a statement. “During her tenure, she strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity and regional management. Her prior experience leading major brands was instrumental in focusing our consumption”.
In a statement, Linnartz said she is “honored” to have served as CEO of Under Armour.
“I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability,” Linnartz said. “We have a solid foundation for future growth and the company's potential is limitless. I will continue to support Under Armour's success.”
