Under Armour, Inc. has announced that Patrik Frisk will step down as president and CEO and as a member of the board, effective June 1, 2022.
Until a successor is named, the board has appointed Colin Browne, the company's chief operating officer (COO), as interim president and CEO, effective June 1, 2022. To support the transition, the company said, Frisk will remain with Under Armour as an advisor through September 1, 2022.
"On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years. During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik's steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase," said Kevin Plank, Under Armour founder, executive chairman and brand chief.
The company added that Frisk, who joined Under Armour in 2017, helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems, and go-to-market process. Under his leadership, the company delivered industry-leading products, deepened relationships with consumers and customers, and advanced its purpose, vision, mission, and values.
"It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates. I am extremely proud of what we've accomplished as a team. Colin has an intimate understanding of the Under Armour business and our industry. I have every confidence that his stewardship will allow for a seamless transition," added Frisk.
Since joining the company in 2016, Browne modernised Under Armour's digital go-to-market strategy and direct-to-consumer model and transformed its supply chain organisation, leading to significant margin improvement and operating efficiency. Browne has held the role of COO since 2020 and oversees supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimisation, go-to-market strategy, and distribution capabilities.