Under Armor has announced that President and CEO Patrick Frisk will step down on June 1 as the sporting goods retailer looks for a replacement.
Meanwhile, chief operating officer Colin Brown will currently serve as president and chief executive officer, the company said in a press release Wednesday. In addition, Frisk is expected to remain with Under Armor as a consultant until September 1.
Frisk gave no reason for his highly unexpected departure. He did not immediately respond to news requests for comment.
The former CEO of shoe parent company Aldo Group joined Under Armor in 2017 and took over as CEO from company founder Kevin Planck in January 2020.
In a telephone interview late Wednesday, Planck told the news. That it would allow the company to open a new chapter of growth, particularly by increasing its e-commerce operations.
“We think we are at the forefront now,” he said. “And looking ahead, we believe this is a good time to take a real growth perspective. Planck later said, “We can be a much better digital company.
Planck added that the role of CEO is not currently being considered.
During his tenure, Frisk helped Under Armor achieve significant changes that have also occurred amid the Covid-19 pandemic.
Frisk works to limit the number of rebates that Under Armor offers to third-party retailers to increase profits. He also tried to make the brand look more premium in the eyes of peers like Nike and Lululemon.
But it’s not without challenges. Earlier this month, Under Armor, said bottlenecks in global supply chains were still affecting its business as China’s renewed Covid-19 lockdown reduced demand. This offers a disappointing outlook for fiscal 2023, which runs from April 1 to March 31 next year.
Under Armor has announced that it is seeking a new CEO internally and externally.
“I am very proud of what we have accomplished as a team,” Frisk said in a Wednesday statement. “Together, we have done a great job strengthening this iconic brand while significantly consolidating its operations.”