Under Armour Transforming Itself With Latest Personnel Moves
 |
Restructuring Will Allow Plank To
Focus On New Business Opportunities |
Under Armour (UA) Chair & CEO Kevin Plank is "splitting his job" as the apparel company is "transform[ing] itself from upstart to major player," according to Andrea Walker of the Baltimore SUN. The company yesterday hired former Lands' End President David McCreight as President, effective in September, marking the "latest move by the company ... to beef up its management ranks by raiding major retailers for top talent as it expands into new lines, such as off-field athletic shoes." Analysts said that the move was a "natural progression for the company as it continues to aggressively expand," and it will allow Plank to "focus less on day-to-day operations and more on new opportunities for the business." Baltimore-based financial firm Stifel Nicolaus analyst Thomas Shaw said, "It's just a function of the company really growing and expanding into new categories." Shaw added that Plank could also now "spend time on innovation and product development, rather than the nuts and bolts of running the company." Walker notes UA has hired several execs who have "led other major retailers in expansion initiatives" (Baltimore SUN, 7/2). In DC, Simone Baribeau reports UA's "growth spurred the decision to bring in new leadership," as UA revenue grew 27% in Q1 '08. Plank: "We're at the point where we're becoming a larger business. So it's time" (WASHINGTON POST, 7/2).
|
