Stephanie Linnartz, who served as the CEO of Under Armour for just over a year, has announced her departure from the role at the end of the month. The decision comes as a surprise to many, as the company’s founder, Kevin Plank, will be returning as CEO starting on April 1. This will mark the fourth CEO in four years for the sportswear giant.
Although no specific reason was given for Linnartz’s departure, it is clear that she faced significant challenges during her time at Under Armour. The company has been struggling with declining revenue and profits since its peak in 2015. Linnartz had taken steps to address these issues, such as hiring new senior executives and launching a rewards program to increase customer loyalty. However, these efforts did not yield the desired results, as revenues fell by 6 percent in the most recent quarter.
One of the challenges Linnartz may have faced was the charismatic presence of founder Kevin Plank. According to a retail analyst, Plank’s return to the CEO role could have posed a challenge for Linnartz. Despite this, investors reacted positively to the news, with shares rising in after-hours trading.
In light of Plank’s return, Mohamed A. El-Erian will take on the role of non-executive chair of Under Armour’s board. Plank expressed gratitude for Linnartz’s contributions to the company and stated that there is still much work to be done. Linnartz, on the other hand, expressed pride in the talent she brought into the organization and wished the company success in the future.
As Under Armour enters this new chapter with Plank at the helm once again, the company will be closely watched to see how it navigates the challenges ahead and works towards a brighter future.
