The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Under Armour Inc said on Wednesday Patrik Frisk would step down from his role as president and chief executive officer, effective June 1.
Shares of the Baltimore-based company fell 2.2 percent in extended trade.
The apparel maker named Chief Operating Officer Colin Browne as its interim CEO, while it searches for a permanent replacement.
The move comes as the company, like other US firms, struggles with supply chain disruptions and China lockdowns, which have pushed its shares down more than 50 percent this year.
ADVERTISEMENT
Under Armour said Frisk, who joined Under Armour in 2017, will remain with the company as an adviser through Sept. 1.
Browne joined Under Armour in 2016 and has been its operating chief since 2020.
By Ananya Mariam Rajesh; Editing by Amy Caren Daniel and Maju Samuel
Learn more:
Under Armour Profit View Hit by Supply Chain Issues, China Lockdowns
Under Armour Inc on Friday forecast full-year profit below Wall Street estimates, as the sportswear maker grapples with higher costs related to supply chain disruptions and a hit to its business from renewed Covid-19 curbs in China.
