Baltimore, (CBS). – Under Armour founder Kevin Plank will step down as CEO next year, handing over the reins of the sporting goods company he founded in 1996.
Under Armour announced Tuesday that Patrik Frisk, the company’s president and chief operating officer, will become CEO. He will be only the second CEO at Under Armour.
Plank will remain as executive chairman and brand chief. The 56-year-old Frisk will report to Plank and will take a seat on the board.
“Having earned the trust and respect of our teammates, customers, and shareholders, Patrik’s proven track record of industry experience, straightforward leadership style and championship of our brand and culture makes him uniquely positioned to smartly capitalize on the opportunities in front of us,” Plank said in a statement.
Under Armour has threatened Nike, landing major deals with Major League Baseball and star athletes like the NBA’s Stephen Curry. But it also faces threats of its own, like the growing popularity of athleisure wear, clothing that can be worn at work and the yoga studio.
Shares of the Baltimore company are down 23% since its last earnings report in July, although they are up 13% on the year.
Plank made news earlier this year when he defended Baltimore after President Donald Trump called the city “a rodent-infested mess.”