Under Armour Founder, Chair & CEO KEVIN PLANK will "step back from his role of president" as part of a series of management changes, according to Lorraine Mirabella of the Baltimore SUN. Former global footwear company The Aldo Group CEO PATRIK FRISK "will become" UA President & COO on July 10. UA said that the management changes are "designed to improve digital business and operational efficiency." Frisk will "report to Plank," who will remain Chair & CEO and "be responsible for go-to-market strategy and executing the company's long-term growth plan." Plank had filled the role of president since '10. Frisk has "nearly 30 years' experience in the apparel, footwear and retail industry, directing brands such as The North Face and Timberland." UA also "announced several other management changes." UA Chief Information Officer & Exec VP/Global Operations PAUL FIPPS has been named CTO, where he will "oversee all aspects of engineering to support the brand's web and mobile applications and its information technology and real estate functions." UA President of Global Sourcing COLIN BROWNE will become Chief Supply Chain Officer and "be responsible for all global operations related to product sourcing and logistics." UA Senior VP/Global Merchandising KEVIN ESKRIDGE became Chief Product Officer in May to "oversee category management and product, merchandising, design and innovation functions." He has been with the company since '09 and "helped establish the company's business in China" (BALTIMORESUN.com, 6/27).
GOOD MOVE FORWARD: CNBC’s Sara Eisen said Frisk's previous experience with VF Corp. is "important because they’ve actually been one of the better performers during the retail slump," and Frisk was "in charge of some of the outdoor brands." Eisen: “It is an important signal to investors that they have a COO now, someone that ... has been in the retail industry." Eisen added the move is Plank admitting UA needed to "right-size the business, slow down, be more responsible and I think this is a move towards that." Eisen: "This is a nod to the fact that they’re in a different stage of their growth and they’re trying to communicate that very clearly to investors" ("Squawk on the Street," CNBC. 6/27). The WALL STREET JOURNAL's Austen Hufford writes UA is "relying on shoe sales to help it compete more effectively" with Nike and Adidas. After its "rapid ascent from college locker rooms to mass retailers," UA is now "contending with a shift away from performance equipment, fewer visits to retail stores and increased competition from new players in the athletic-apparel market" (WSJ.com, 6/27).
REPORT CARD: In Baltimore, Jonathan Munshaw notes UA CRO CHARLIE MAURATH, CMO ANDY DONKIN, President of Strategy KEVIN HALEY and Eskridge "will start reporting to Frisk, rather than Plank." Other top UA execs such as Chief HR Officer KERRY CHANDLER and Strategic Adviser KIP FULKS "will still report to Plank" (BIZJOURNALS.com, 6/27).
