Frisk will succeed Plank as top exec of Under Armour

Under Armour CEO Kevin Plank – who founded the company and grew it into a major force in the sports apparel industry only to see it face setbacks as it reached new heights in recent years – is stepping down.

Plank is set to relinquish his roles as chairman and CEO on Jan. 1 after holding those positions since 1996, the Baltimore-based company announced Tuesday.

The company’s president and chief operating officer, Patrik Frisk, will be elevated to CEO.

Plank will become executive chairman and brand chief, “focusing on product elevation, amplifying the brand story and stewarding the company’s strong team culture,” Under Armour said in a statement.

“Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO,” Plank said in a statement. “As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand’s vision into world-class execution by focusing on our long-term strategy and reengineering our ecosystem through a strategic, operational and cultural transformation.”

Under Armour’s stock rose 2.9% in premarket trading to $18.70.

Under Plank’s leadership, Under Armour grew into a serious competitor for rivals Nike and Adidas. The company signed lucrative sponsorship deals with athletes like golf star Jordan Spieth and NBA star Steph Curry.

But about two years ago, the company’s prospects soured amid declines in sports apparel, missteps in distribution and struggles in appealing to women. The company has cut costs, including layoffs, in its comeback bid.

Under Armour’s turnaround is “still happening” but “just not at light speed,” UBS analyst Jay Sole said July 31 in a research note.

Plank also drew fire from critics after he called President Donald Trump an “asset to the country” for his pro-business agenda in February 2017 and joined the president’s since-disbanded manufacturing council.

He later sought to put distance between himself and Trump by leaving the council, running an ad opposing Trump’s travel ban and defending Baltimore when Trump attacked the city.

Plank’s replacement, Frisk, joined the company in 2017. He previously served as CEO of footwear and accessories company Aldo and as an executive in VF Corp., which held the brands Timberland and The North Face.