- Patrik Frisk, Under Armour CEO, is stepping down from his role effective June 1.
- COO Colin Browne will become interim president and CEO until the firm finds a permanent successor.
- Under Armour didn't give an explanation for why Frisk was stepping down.
Under Armour announced on Wednesday that CEO Patrik Frisk is stepping down after 2 years at the helm of the apparel company.
Frisk will leave his role as CEO, president, and board member effective June 1, Under Armour said in a press release.
The firm said that its chief operating officer, Colin Browne, will take over from Frisk as interim president and CEO until the company finds a permanent successor. Under Armour gave no explanation as to why Frisk was stepping down.
Frisk, who joined Under Armour in 2017 and was named CEO in January 2020, will remain with the firm as an advisor until September 1 to help with the transition, the company said.
"It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates," Frisk said in the press release. "I am extremely proud of what we've accomplished as a team."
Browne started at the Maryland-headquartered firm in 2016 and took the role of COO in 2016.
Frisk 's permanent successor will be tasked with guiding the firm through a potentially difficult period. In its latest quarterly results, Under Armour said inflation, ongoing supply chain challenges, and uncertainty surrounding COVID-19 are all factors affecting its outlook for the coming year.