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The CEOs of Apparel Giants Nike and Under Armour Will Both Step Aside in January

Nike CEO Matt Parker and Under Armour CEO Kevin Plank both plan to step aside in January, according to announcements from the apparel giants on Tuesday.

Plank has served as Under Armour’s CEO since he founded the company in 1996. On Jan. 1, he will become the company’s brand chief and executive chairman. Parker has been Nike’s CEO since 2006. On Jan. 13, he will assume his new role as Nike executive chairman.

Under Armour will promote current chief operating officer Patrik Frisk to be the company’s new CEO. Frisk originally joined Under Armour in July 2017, having previously been CEO of Candian shoe and accessory retailer Aldo Group.

In contrast, Nike is bringing in a tech executive from outside. John Donahoe is currently the CEO of ServiceNow, which provides cloud computing services to businesses. He is also a chairman at PayPal and was previously CEO of eBay from 2008 to 2015. Donahoe currently serves on Nike’s board.

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