Plank Handing Control of Under Armour Over to Frisk

Kevin Plank (left) will step down from the company's top role, handing over the reins to Patrik Frisk (right).

Under Armour founder and chief executive Kevin Plank will step down from the company's top role in January, handing over the reins to its president, Patrik Frisk.

Plank founded Under Armour in 1996 in Baltimore. He will stay on as executive chairman and brand chief after the change goes into effect on New Year's Day.

As brand chief, Plank will work on product innovation and serve as an ambassador of sorts for Under Armour. Frisk, 56, will report to Plank, join Under Armour's board and take on the day-to-day running of the company, an arrangement that Plank says will let Under Armour "be as fast as it needs to be, as efficient as it needs to be."

Plank, 47, controls the company thanks to his 65 percent share of voting rights (he owns 15 percent of regular shares).

Frisk joined Under Armour in 2017 following nearly 30 years of experience in the apparel, footwear and retail industry. Prior to Under Armour, he was CEO of The ALDO Group, a global footwear and accessories company. Previous to that, he spent more than a decade with VF Corporation where he held numerous leadership positions including coalition president of Outdoor Americas (The North Face and Timberland), president of the Timberland brand, president of Outdoor & Action Sports (EMEA), and VP&GM of The North Face.