Under Armour Founder Kevin Plank Resumes CEO Role, Firming Grip on Leadership
After only 13 months as CEO, Stephanie Linnartz steps down from her role at Under Armour, replaced by none other than the company’s original founder, Kevin Plank. Despite his prior departure in 2020 amidst controversies, Plank retains a majority stake in the company.
Linnartz, renowned for her tenure at Marriott where she ascended from the finance department to Global Chief Commercial Officer over 25 years, brought her expertise to Under Armour in 2023. During her brief tenure, she recognized the brand’s shortcomings, notably its failure to capitalize on the athleisure trend and its limited appeal to women, who accounted for just 25% of sales.
While Under Armour struggled, competitors like Lululemon thrived, expanding beyond yoga pants to become a $9 billion athleticwear powerhouse, trailing only Nike in market cap.
Brands like On Running, Hoka, and Brooks also saw double-digit revenue growth, encroaching on Under Armour’s turf.
Linnartz aimed to revitalize Under Armour by expanding its retail presence and injecting fresh talent, including renowned designer John Varvatos. However, her vision was cut short before bearing fruit.
Plank’s return to the helm underscores his continued influence, with Linnartz marking the second CEO departure since his initial resignation. While Linnartz’s potential impact remains unknown, her tenure was brief, denying her the opportunity to enact significant change.
Plank’s return to the helm of Under Armour comes at a precarious time for the company, with sales stagnating and its once-golden era fading prior to his initial departure as CEO.
His tenure was marred by a series of scandals, including allegations of Under Armour’s endorsement of trophy hunting, violations of securities laws, and personal accusations of misleading investors while selling off stock.
Furthermore, his questionable relationship with a journalist and public support of Trump added to the company’s controversies.
Despite this troubled history, Plank seems convinced that he alone can steer Under Armour back on course. His reassertion of control raises questions about the company’s future direction and whether meaningful change can occur under his leadership.
