By Holden Wilen, Baltimore Business Journal
Under Armour Inc. founder Kevin Plank will relinquish his CEO title next year. Patrik Frisk, the sportswear maker's president and chief operating officer, will succeed Plank.
Frisk, 56, will become the second CEO in Baltimore-based Under Armour's history on Jan. 1 and join the board of directors. Plank will become executive chairman and brand chief. Plank's focus will be product elevation, amplifying Under Armour's brand story and stewarding the company's team culture.
Under Armour's board approved the appointments on Oct. 17. Shares of Under Armour (NYSE: UAA) rose 2% in pre-market trading on the news to $20.50.
Plank said in a statement the transition will ensure "purposeful leadership continuity" for the company.
"Patrik is the right person to serve as Under Armour's next CEO," Plank said. "As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation."
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