Under Armour CEO Frisk to step down
2022.05.19 00:26
FILE PHOTO: Under Armour clothing is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly
(Reuters) – Under Armour Inc (NYSE:UAA) said on Wednesday Patrik Frisk would step down from his role as president and chief executive officer, effective June 1.
Shares of the Baltimore-based company fell 2.2% in extended trade.
The apparel maker named Chief Operating Officer Colin Browne as its interim CEO, while it searches for a permanent replacement.
The move comes as the company, like other U.S. firms, struggles with supply chain disruptions and China lockdowns, which have pushed its shares down more than 50% this year.
Under Armour (NYSE:UA) said Frisk, who joined Under Armour in 2017, will remain with the company as an adviser through Sept. 1.
Browne joined Under Armour in 2016 and has been its operating chief since 2020.
