Kevin Plank, who founded the Under Armour in 1996 announced Tuesday he is stepping down as CEO. He will be replaced by Chief Operating Officer Patrik Frisk, effective Jan. 1. Frisk will also join the board, while Plank moves to executive chairman and brand chief.
Some have called for executive changes in recent years after the company’s disappointing performance along with negative news about its work culture. Last year, The Wall Street Journal reported strip club visits were allowed as work-related expenses, while reports said some female and minority employees felt passed over for promotions or completely left out of the company’s culture.
Plank founded the company while he was working out of his grandmother’s basement. He took it public in 2005.