BALTIMORE (WJZ) — Under Armour’s president and chief executive officer, Patrik Frisk, is stepping down from his position and relinquishing his spot on the Board of Directors effective June 1, according to a company announcement.
The board has initiated a comprehensive internal and external search process to identify a replacement for Frisk.READ MORE: 1 Dead After Boat Hit-And-Run On Magothy River, Police Search For Boat Driver
Until a successor is named, the board has appointed Colin Browne, the company’s chief operating officer, as interim president and CEO, effective June 1. Frisk will remain with Under Armour as an advisor until Sept. 1., according to company staff.
Kevin Plank, the founder of Under Armour and the executive chairman and brand chief, thanked Frisk for his leadership in a statement.
“During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase,” he said. “As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.”
Plank noted that “Under Armour is evolving to meet the needs of our athletes worldwide.”READ MORE: Maryland Weather: Storms Possible
“As we transition, we are committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates,” he said. “There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it.”
Frisk joined Under Armour in 2017. He helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems, and go-to-market process, according to company staff.
Under his leadership, the company delivered industry-leading products, deepened relationships with consumers and customers, and advanced its purpose, vision, mission, and values, the announcement said.
Meanwhile, Browne has modernized Under Armour’s digital go-to-market strategy and direct-to-consumer model and transformed its supply chain organization, leading to significant margin improvement and operating efficiency since joining the company in 2016, the statement said.
Browne has held the role of COO since 2020 and oversees supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy, and distribution capabilities. Browne has been an integral part of the company’s successful transformation, and his leadership has been critical to navigating global supply challenges caused by the pandemic, the announcement said.MORE NEWS: Early Voting For Maryland Primary Begins