Under Armour, Inc. (NYSE: UA ), announced that Patrik Frisk will step down as President and CEO and as a member of the board of the company, effective June 1, 2022.
Colin Browne, the company's COO, was appointed as interim President and CEO until a successor is named. Frisk, who joined the company in 2017, will remain as an advisor through September 1, 2022.
Under Armour Founder and Chairman, Kevin Plank, thanked Frisk for his service and said the company is "committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates."
Shares of Under Armour were down 50% year-to-date into the CEO announcement and down about the same amount since Frisk's took over as CEO.
By Davit Kirakosyan
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