SBD/Issue 129/Sports Industrialists

Under Armour's Plank Cuts Salary After Missed Revenue Goals

Plank Cut Salary From $500,000 To
$26,000 After Not Meeting Goals
Under Armour Chair & CEO Kevin Plank last year voluntarily cut his annual salary from $500,000 to $26,000 after the company "did not meet revenue goals," according to Andrea Walker of the Baltimore SUN. Plank said that he "thought he should be paid based on the performance of the company." Plank was eligible for a bonus of up to $1.47M, but Under Armour "had to meet revenues of at least" $775M for the year. While the company's revenues last year rose 19.7% to $725.2M, the figures fell short of the company's benchmark. Plank in '07 earned more than $1.5M, with his salary and a $1M bonus. Meanwhile, Plank also has "proposed no salary increases for certain executive officers this year as 'an effort to control expenses and manage our business more conservatively in the current economic environment'" (Baltimore SUN, 3/24).

CLOCKING OUT: Under Armour Senior VP/Business Development BILL KRAUS has resigned to start his own sports management company. During his seven years at Under Armour, Kraus was responsible for various groups within the organization, including product merchandising, brand marketing, sports marketing, licensing and sales (Under Armour).

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