Under Armour's new CEO met with depressed stock

Monday will people nan first time connected nan occupation for caller Under Armour President and CEO Stephanie Linnartz, who takes nan helm of nan sportswear company arsenic nan company’s banal value has been depressed complete nan past year.

As of nan marketplace adjacent connected Friday, nan banal value for Under Armour had fallen by complete 45% complete nan past twelvemonth to $9.72 per Class A share. That’s importantly much than nan 9.23% diminution nan S&P 500 knowledgeable successful nan aforesaid timeframe, while nan banal of Under Armour’s apparel manufacture rival Nike declined by 13.56% successful nan aforesaid span.

"Under Armour is an iconic marque pinch a immense opportunity ahead," Linnartz said successful a property release. "This institution has immense power and excitement, and I americium committed to building maturation while maintaining operational excellence. I look guardant to joining nan unthinkable UA team, partnering pinch Kevin and nan board, and starring this astonishing institution into its adjacent chapter, delivering for athletes, teammates, customers, and shareholders."

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Under Armour's caller president and CEO Stephanie Linnartz takes nan helm of nan sportswear institution connected Monday. The company's banal has knowledgeable a important diminution complete nan past year. (Photo by Smith Collection/Gado/Getty Images)

Linnartz was antecedently nan president of Marriott International and spent complete 25 years astatine nan company, wherever she focused connected overhauling nan hospitality giant’s online beingness and expanding its industry-leading Bonvoy loyalty programme to complete 173 cardinal members. She besides cultivated nan edifice chain’s partnerships pinch nan National Football League and nan National Collegiate Athletic Association.

"As a 25-year seasoned of 1 of nan world’s astir respected world companies, we are thrilled to invited Stephanie to nan brand," said Under Armour Executive Chair and Brand Chief Kevin Plank. "She is simply a proven maturation leader pinch a distinguished way grounds of marque strategy, omnichannel execution, talent acquisition and development, and passion for driving best-in-class user connectivity, experience, and marque loyalty."

Plank added that Under Armour's committee is assured that Linnartz and nan remainder of nan company's activity squad and cardinal stakeholders "will accelerate our expertise to recognize nan important opportunities for Under Armour arsenic some an operating institution and aspirational brand."

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Colin Browne, who has served arsenic Under Armour’s interim president and CEO since June 2022, will stay successful a activity domiciled by resuming his position arsenic main operating officer. Plank said Browne has helped pinch "refining our semipermanent strategy by tripling our full addressable market, validating nan renewed maturation fundamentals basal to found assemblage leadership, and championing our UA squad culture."

FOX Business has reached retired to Under Armour for Linnartz’s position connected nan challenges and opportunities facing nan institution arsenic she joins nan sportswear company.