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Kevin Plank says he has ‘obligation’ to sell Under Armour if the price is right

CEO Kevin Plank would consider selling Under Armour Inc. for the right price, but he hasn’t seen it yet.

Plank told fellow billionaire and the Carlyle Group LP (NASDAQ: CG) co-founder David Rubenstein during an interview in D.C. that he would have no choice but to sell Under Armour if offered the right price because of his fiduciary responsibility to shareholders. Rubenstein, who donned a pair of Under Armour sneakers, asked Plank if he has ever received acquisition offers from Nike Inc. founder and former CEO Phil Knight or other competitors.

“If anyone ever offered me an amount of money greater than what I believed I could get the company to, it wouldn’t be my choice but it would be my obligation to make the right decision,” Plank said at a luncheon hosted by the Economic Club of Washington, D.C., the latest high-profile CEO to be featured in the organization’s event lineup this year, its 10th anniversary. “But I have yet to see that happen so we go back to work every day.”

Plank…

Read the full story from the Washington Business Journal.



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