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Under Armour, Inc. (NYSE: UA) announced a shakeup in its executive structure by appointing Patrick Frisk its new president and chief operating officer. Kevin Plank, the founder of the company, will remain Under Armour’s CEO.
According to a statement released by Under Armour, Frisk, the former CEO of the footwear company, Aldo Group Inc., will be in charge of the company’s "successful execution of its long-term growth plan."
Plank said in the release, "Today's leadership appointments and the streamlining of our organizational structure are transformative steps focused on a sharper, consumer-led approach and go-to-market strategy through our category management lens,"
Sam Poser, an analyst for the Susquehanna International Group, also stated that six executives will report to Frisk, instead of ten, which he believes bodes well for the future of the company. He added, “We do believe that [Under Armour] will benefit from removing many of the day to day operational activities from Mr. Plank's plate. We are also hopeful that Mr. Frisk will facilitate a review of Under Armour's long-term brand strategy."
As part of the leadership shuffle, Under Armour also named Paul Fipps as chief technology officer and Colin Browne as chief supply chain officer. Browne formerly served as the company's head of global sourcing. Fipps will oversee Under Armour's "connected fitness" unit.
Still, Poser and his team are concerned with Under Armour's short-term focus on growth through selling in discount channels without much difference in product, and hope that this signals a shift in focus. "We wonder if the change of leadership signals any semblance of a temporary pause in [Under Armour] being a growth company in order to protect the Under Armour brand.”
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Jul 05, 2017 at 04 17 am