Under Armour Inc (NYSE: UAA) stock was last seen down 12% to trade at $7.12, following news that founder Kevin Plank will return as CEO on April 1 to replace Stephanie Linnartz.
Under Armour Inc.'s decision to oust its CEO and bring founder Kevin Plank back to run the company surprised analysts, given that the current CEO has spent only about a year in the role.
Under Armour Inc (NYSE:UA) has announced founder Kevin Plank will return to the helm of the sportswear company next month. Having set up Under Armour in 1996 and served as chief executive until 2019, Plank will replace Stephanie Linnartz, who is set to step down after little over a year.
Shares of Under Armour Inc. UA, -0.13% jumped after hours on Wednesday after the athleisure-gear maker said Kevin Plank would return to the role of chief executive on April 1. Plank, who founded Under Armour in 1996 and served as chief executive from 1996 to 2019, will succeed Stephanie Linnartz, who is stepping down from that role and as a member of the board.
The athleisure segment has had mixed fortunes. While highfliers such as Lululemon (NASDAQ: LULU ) continue to post amazing growth, other players have stumbled.
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