Under Armour's new CEO met with depressed stock
Linnartz was previously the president of Marriott International
Monday will mark the first day on the job for new Under Armour President and CEO Stephanie Linnartz, who takes the helm of the sportswear company as the company’s stock price has been depressed over the last year.
As of the market close on Friday, the stock price for Under Armour had fallen by over 45% over the past year to $9.72 per Class A share. That’s significantly more than the 9.23% decline the S&P 500 experienced in the same timeframe, while the stock of Under Armour’s apparel industry rival Nike declined by 13.56% in the same span.
"Under Armour is an iconic brand with a huge opportunity ahead," Linnartz said in a press release. "This company has immense energy and excitement, and I am committed to building growth while maintaining operational excellence. I look forward to joining the incredible UA team, partnering with Kevin and the board, and leading this amazing company into its next chapter, delivering for athletes, teammates, customers, and shareholders."
WARREN BUFFETT SLAMS CRITICS OF STOCK BUYBACKS AFTER DEMOCRATS’ SCRUTINY: ‘ECONOMIC ILLITERATE’
Linnartz was previously the president of Marriott International and spent over 25 years at the company, where she focused on overhauling the hospitality giant’s online presence and expanding its industry-leading Bonvoy loyalty program to over 173 million members. She also cultivated the hotel chain’s partnerships with the National Football League and the National Collegiate Athletic Association.
"As a 25-year veteran of one of the world’s most respected global companies, we are thrilled to welcome Stephanie to the brand," said Under Armour Executive Chair and Brand Chief Kevin Plank. "She is a proven growth leader with a distinguished track record of brand strategy, omnichannel execution, talent acquisition and development, and passion for driving best-in-class consumer connectivity, experience, and brand loyalty."
Plank added that Under Armour's board is confident that Linnartz and the rest of the company's leadership team and key stakeholders "will accelerate our ability to realize the substantial opportunities for Under Armour as both an operating company and aspirational brand."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Colin Browne, who has served as Under Armour’s interim president and CEO since June 2022, will remain in a leadership role by resuming his position as chief operating officer. Plank said Browne has helped with "refining our long-term strategy by tripling our total addressable market, validating the renewed growth fundamentals necessary to establish sector leadership, and championing our UA team culture."
FOX Business has reached out to Under Armour for Linnartz’s perspective on the challenges and opportunities facing the company as she joins the sportswear company.
|UA||UNDER ARMOUR INC.||7.63||+0.46||+6.42%|
|UAA||UNDER ARMOUR INC.||8.58||+0.51||+6.32%|