Frisk to step down as Under Armour chief
Patrik Frisk will be stepping down as president and chief executive of Under Armour next month, the US sportswear brand has announced.
He will depart his role on June 1 with current chief operating officer (COO) Colin Browne to take charge on an interim basis until a replacement is found.
Frisk will also step down as a member of the Under Armour board but will remain with the company as an advisor until September 1 to support the transition.
The Baltimore-based brand said it will conduct both internal and external searches for its new president and chief executive.
Frisk joined the organization in 2017 as president and COO and took over as chief executive from the company’s founder, Kevin Plank, in January 2020.
Plank remains at Under Armour as its executive chairman and brand chief.
Frisk has more than 30 years of experience in the apparel, footwear, and retail industry, including, prior to Under Armour, as chief executive of The Aldo Group, the footwear and accessories company.
At Under Armour, he has been a key figure in the company’s transformation plan in recent years and helped the brand navigate through the difficult Covid-19 period.
Plank said: “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.
“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."
“There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights.”
Browne joined Under Armour in 2016 as its president of global sourcing and was elevated to COO in January 2020 when Frisk was named as chief.
The brand said Browne has “modernized Under Armour's digital go-to-market strategy and direct-to-consumer model and transformed its supply chain organization, leading to significant margin improvement and operating efficiency”.
Browne said, "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."