BALTIMORE (WJZ)– The Baltimore based Under Armour is bringing in a new president, meaning Kevin Plank is taking a step back from that role.
The move has been making nationwide headlines. This is part of a series of management changes at the company.
Some view it as an opportunity to revive slowing sales and revive a stock that’s dipped.
Experts said it brings fresh change to a competitive market to help Under Armour grow to be bigger and better.
For all but 2 of 21 years, Plank has run the show as Under Armour’s president.
Coming in from the outside is Patrick Fish, the former CEO of monster shoe retailer Aldo. He’s expected to bring a fresh perspective to the Baltimore based company.
“I think it’s a good move for Kevin, a good move for Under Armour,” said Loyola University of Maryland business professor Peter Lorenzi.
Under Armour endorses some of the top athletes from around the world: Tom Brady, Misty Copeland, Jordan Speith, Steph Curry and of course Michael Phelps.
Despite the all-star line up, the company’s stock has dipped well below its value in recent years.
“I didn’t see it as Kevin is under a lot of pressure, he has to find a successor, I didn’t get that sense,” Lorenzi says. “It’s like sending a child off to college, you’ve spent 20 years and you don’t want to separate but at the same time you know there’s a time when there are things you want to do differently and the company needs to do differently.”
This allows Plank to move away from the day-to-day operations.
“Freeing the visionary leader to do things more exciting political, strategic,” Lorenzi says. “I see this as an opportunity to stabilize some of cracks that have been going on in foundation of company.”
A move that now adds a seasoned veteran to the mix.
Plank released a statement praising Frisk’s abilities and what he brings to the team.
Some feel this is an opportunity for Under Armour to focus more on the digital side and get back in touch with customers in what’s an extremely competitive market.
In April, Under Armour announced its first quarterly loss since it became a public company in 2005.
Frisk will report to Plank after he starts on July 10.