Kevin Plank, founder of Under Armour, during an interview on CNBC on “Mad Money” on February 28, 2018.
Scott Mill | CNBC
Under armour announced Wednesday that CEO Stephanie Linnartz will step down from her role just over a year after starting, and founder Kevin Plank will return as the brand’s CEO.
Linnartz took over as 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 president of the sports company.
Plank will take over on April 1, and Linnartz will remain with the company as a consultant until the end of April.
Plank will remain a director on Under Armour’s board of directors, but will hand over the chairmanship to Mohamed El-Erian, chief economic advisor at Allianz, Pimco’s parent company.
Linnartz, who has spent much of her career in the hospitality industry, was chosen to lead Under Armor due to her experience building digital sales and developing Marriott’s renowned Bonvoy loyalty program.
Since taking the helm of Under Armour, she launched UA Rewards and had plans to expand the brand’s women’s assortment to broaden 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 his tenure, he strengthened the leadership team with the hiring of executives in critical areas, including product, design, supply chain, consumer connectivity and regional management. His previous experience leading major brands was instrumental in focusing our strategy on consumers.”
In a statement, Linnartz said she felt “honored” to have served as CEO of Under Armour.
“I am proud of the progress we have made against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability,” said Linnartz. “We have a solid foundation for future growth and the company’s potential is limitless. I will continue to root for Under Armor’s success.”