Under Armour's CEO Stephanie Linnartz is being replaced by founder Kevin Plank after her bet on a turnaround job at the struggling sportswear company backfired. Linnartz, a respected executive, faced challenges including slowing growth, a plummeting share price, and a founder unwilling to relinquish control. Her departure highlights the difficulties faced by ambitious women CEOs working to fix problems created by predecessors or founders, and raises questions about gender dynamics in corporate leadership.
Under Armour founder Kevin Plank has replaced Stephanie Linnartz as CEO, with analysts expressing surprise at the move. Plank, who previously faced operational mishaps during his tenure, now has "a lot to prove" as he reassumes the CEO position. The company's stock is under pressure following the leadership shake-up, with uncertainty surrounding Plank's strategic direction and a lack of trust in his leadership.
Under Armour's founder, Kevin Plank, has replaced CEO Stephanie Linnartz after just 13 months, taking back the reins despite stepping down in 2020. Linnartz, a former Marriott executive, had plans to revitalize the struggling athleticwear company by focusing on athleisure and expanding its retail footprint. However, she was let go before her vision could come to life. Plank's return raises questions about the company's future, especially given its previous scandals and stalled sales.
Under Armour's founder Kevin Plank is returning as CEO, ending Stephanie Linnartz's three-year turnaround plan after just over a year. Linnartz, who took over the struggling sportswear chain in 2023, will be leaving the CEO role at the end of this month. Plank, who first stepped down in 2020, will become the company's fourth CEO in four years. The abrupt CEO change comes as Under Armour continues to face challenges in revenue and brand identity, while Plank's continued presence and the company's political and personal controversies remain ongoing concerns.
Under Armour announced that founder Kevin Plank will return as CEO, replacing Stephanie Linnartz who had taken over just over a year ago. Linnartz will stay on as an advisor through April, and Mohamed El-Erian will take over as board chair. Plank, who stepped down as CEO four years ago, will continue as a director on the board. Linnartz, with a background in hospitality, was chosen for her experience in digital sales and loyalty programs. Plank thanked Linnartz for her contributions, while Linnartz expressed pride in the progress made during her tenure.
Stephanie Linnartz, former president of Marriott, has taken on the role of CEO at struggling sportswear company Under Armour. Linnartz, who was passed over for the CEO position at Marriott, believes in taking calculated risks and saw the opportunity at Under Armour as a chance to prove herself. The company has faced challenges in recent years, including stagnant growth and a decline in share price. Linnartz aims to implement a three-year turnaround plan, expand the brand's presence in athleisure and female-focused clothing, and build stronger connections with customers. Despite the difficulties, Linnartz remains optimistic about the potential for success at Under Armour.
