The founder of Under Armor returns as CEO

Under Armour, the sportswear company, said Wednesday that its founder, Kevin Plank, would return as CEO, in a leadership change that will attempt to revive the struggling brand.

Mr. Plank, who founded Under Armor in 1996, remained executive chairman and controlling shareholder of the company after leaving as CEO at the end of 2019. He will take over on April 1 from Stephanie Linnartz, who led the company for just over a year. year. Ms. Linnartz took over from Patrik Frisk, who held this role for two years.

Under Armour, once hyped as the next Nike, has failed in recent years amid a series of missteps and changing consumer tastes in a highly competitive market. With sales slumping, the company’s shares have fallen about 85 percent since hitting a record high in 2015. In after-hours trading, shares rose slightly on news that Mr Plank would return to lead the company after a four-year absence. .

In a note to employees posted on LinkedIn announces its returnsaid Mr. Plank that the company was assessing its direction in an effort to “help us make the right choices to put us back on the path to actively building and pursuing our full brand potential.”

Ms. Linnartz, who has made a series of personnel changes to the company’s leadership team in recent months, has spoken lately about capitalizing on the growing interest in athleisure with new marketing and products. In a post on LinkedIn announcing her departure on Wednesday, she spoke positively about her time at Under Armour. She will continue to advise the company until the end of April.

Mohamed El-Erian, the economist and former CEO of asset management giant Pimco, will now become chairman of the board.

Amanda Miller, a spokeswoman for Under Armour, declined to comment on the reason for the leadership change and who was behind the decision. Mr. Plank and Ms. Linnartz did not immediately return a request for additional comment Wednesday evening.

Mr. Plank’s first stint as CEO was not without controversy. In May 2021, the company paid $9 million handle costs The Securities and Exchange Commission had alleged that it misled investors about sales growth in the mid-2010s.