Under Armour, the renowned athletic apparel brand, made headlines on Wednesday with the announcement of CEO Stephanie Linnartz’s departure from her role, just over a year after assuming the position. Founder Kevin Plank is set to return to the helm as chief executive, marking a significant shift in leadership.
Linnartz assumed the role of CEO at Under Armour in February 2023, bringing with her nearly three decades of experience from her tenure at Marriott International, where she served as president. Plank, who founded Under Armour in 1996, had previously stepped down as CEO approximately four years ago but remained involved with the company as its chairman.
The transition is slated to take effect on April 1, with Linnartz remaining with the company as an advisor until the end of April. Plank will reassume the role of CEO, while Linnartz transitions into her advisory role.
Although Plank will retain his position as a director on Under Armour’s board, he will pass the chairmanship to Mohamed El-Erian, chief economic advisor at Allianz, the parent company of Pimco.
Linnartz’s appointment to lead Under Armour was driven by her extensive experience in the hospitality sector, particularly her track record in bolstering digital sales and spearheading Marriott’s renowned loyalty program, Bonvoy. During her tenure at Under Armour, she introduced initiatives such as UA Rewards and had outlined plans to expand the brand’s women’s product offerings to enhance its customer base.
Kevin Plank expressed gratitude for Linnartz’s contributions to Under Armour, emphasizing her efforts in fortifying the leadership team and advancing strategic initiatives. “During her tenure, she strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity, and regional management. Her prior experience leading major brands was instrumental in focusing our consumer strategy,” stated Plank in a released statement.
In response, Linnartz expressed her appreciation for the opportunity to lead Under Armour, citing pride in the progress achieved during her tenure. “I am proud of our progress against our strategic plan, including strengthening our team, evolving our products and marketing, and increasing our focus on profitability,” remarked Linnartz. “We have a strong foundation in place for future growth, and the company’s potential is limitless. I will continue to root for Under Armour’s success.”
