Patrik Frisk, just lately appointed Chief Government Officer Of Beneath Armour, speaks on the 2020 Beneath Armour Human Efficiency Summit on January 14, 2020 in Baltimore, Maryland.
Olivier Douliery | AFP | Getty Photos
Beneath Armour mentioned its president and chief govt officer, Patrik Frisk, shall be stepping down, efficient June 1, because the sportswear retailer searches for a substitute.
Within the interim, present Chief Working Officer Colin Browne will function president and CEO, the corporate mentioned Wednesday in a press launch. Frisk is predicted to stay with Beneath Armour as an advisor by means of Sept. 1.
Frisk did not give a purpose for his broadly sudden departure. He did not instantly reply to CNBC’s request for remark.
The previous CEO of the footwear holding firm Aldo Group joined Beneath Armour in 2017, and he took over as CEO from the corporate’s founder, Kevin Plank, in January 2020.
Throughout his tenure, Frisk helped to drive Beneath Armour by means of an enormous turnaround, which additionally occurred to happen amid the Covid-19 pandemic.
Frisk labored to restrict the quantity of discounting that Beneath Armour does with third-party retailers in an try and buoy income. He additionally tried to make the model seem extra premium subsequent to friends like Nike and Lululemon.
“I’m extraordinarily pleased with what we have achieved as a staff,” Frisk mentioned in an announcement issued Wednesday. “Collectively, now we have carried out an amazing quantity of labor to strengthen this iconic model whereas considerably solidifying its operations.”
Beneath Armour mentioned it’ll conduct each inside and exterior searches for its new CEO.
The inventory fell greater than 3% in prolonged buying and selling. Beneath Armour shares are down about 50% 12 months so far.
Learn the total press launch from Beneath Armour here.