Under Armour president and CEO Patrik Frisk is stepping down.
The Baltimore-based athletic giant announced today that Frisk — who took over as president and CEO in January 2020 — will step down from the role, effective June 1. Also, Under Armour said Frisk will step down as a member of its board of directors.
Under Armour confirmed its board has initiated an internal and external search process to identify Frisk’s successor, and has appointed COO Colin Browne as interim president and CEO until a successor is named. Browne will assume the position effective June 1.
Frisk, according to Under Armour, will remain with the company as an advisor through Sept. 1 to support the transition.
“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,” Frisk said in a statement. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. 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.”
Frisk joined Under Armour in June 2017 as president and COO, and assumed the CEO role in January 2020 after company founder Kevin Plank announced he was stepping down. (Plank remains at Under Armour as its executive chairman and brand chief.) Prior to Under Armour, Frisk was CEO of Aldo Group for more than two years, and before then spent almost 11 years in various leadership roles at VF Corp.
“On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years,” Plank said in a statement. “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. As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.”
Browne joined Under Armour in 2016 as its president of global sourcing, and was elevated to COO in January 2020. Since his arrival, Under Armour said he has modernized its digital go-to-market strategy and direct-to-consumer model. Also, Under Armour said Browne transformed its supply chain organization, leading to significant margin improvement and operating efficiency. What’s more, Under Armour said Brown’s leadership has been critical in navigating pandemic-related global supply challenges.
“What unifies and drives Under Armour is our purpose: to empower those who strive for more. This transition is an opportunity to further our long-term goals. I am grateful for Patrik’s leadership and partnership. As we work to deliver industry-leading innovation and premium experiences to athletes globally, we remain focused on amplifying the strong foundation that’s been set over the past few years,” Browne said in a statement.