Under Armour Inc. CEO and President Patrik Frisk will leave the company next month after less than three years at the helm of the Baltimore sportswear maker.
Frisk will officially step down on June 1, the company announced Wednesday. At that time, Colin Browne, the company’s chief operating officer, will take over as interim president and CEO while the Under Armour board searches for a permanent replacement for Frisk. To support the transition, Frisk will stay on as an adviser until Sept. 1. After that, he will serve as a consultant through September 2023.
Kevin Plank, Under Armour’s founder and executive chairman, told Bloomberg in an interview that the board had decided it was time to shift from the restructuring mode the company has been in for much of the last five years to focus more on growth.
As part of his separation agreement with Under Armour, Frisk will receive a payout of about $7.1 million, according to documents filed with the U.S. Securities and Exchange Commission.…
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