Athletic and sporting goods brand Under Armor has just announced a major change as the company’s founder, Kevin Plank, has returned to his role as CEO. He replaces Stephanie Linnartz after spending about a year in the position.
“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 company statement. “Her prior experience leading major brands has been instrumental in focusing our consumer strategy, including the launch of our U.S. loyalty program, UA Rewards. Her efforts have helped put us on the right path, and we wish her success in her future commitments.”
Linnartz will remain with the company as a consultant until April 30 before leaving for good, and Plank will assume the role of CEO starting April 1.
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Linnartz made the leap to retail in 2023, after 25 years in the hospitality industry, and was recently named Global Chief Commercial Officer at Marriott. She was tapped for the role to help the struggling sportswear brand, which included a three-year plan to focus on women’s apparel and athleisure and make changes at the top of leadership.
“I feel honored to have served as President and CEO of Under Armor and to have worked with many incredible teammates who care deeply about the company’s purpose and mission,” 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.”
Under Armor shares plummeted following the announcement of Linnartz’s departure, dropping nearly 12% in stock valuation early Thursday, reportedly due to Plank’s controversial past.
Plank resigned in 2020 after a bombshell news story Wall Street Journal The report revealed that he had sought business advice from MSNBC host Stephanie Ruhle, including having her fly on private jets with the company’s plane and reportedly taking her advice on the company’s management team.
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Plank was then replaced by former Aldo Group CEO Patrik Frisk, who announced his resignation in May 2022.
Under Armor had a slow holiday quarter in 2023, with a 6% decline in revenue in North America and net income of $114.1 million quarterly (compared to $121.6 million in the same period last year ).
As of Thursday afternoon, Under Armor was still down nearly 11% in a 24-hour period.