Under Armour CEO Patrik Frisk is out as of June 1, the Baltimore company revealed Wednesday.
Chief operating officer (COO) and supply chain expert Colin Browne will fill in temporarily while the board searches for a replacement for Frisk, who will be no longer be a director but will stay on as a company advisor through Sept. 1.
Under Armour founder Kevin Plank thanked Frisk for his “valuable contributions.”
“During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase,” the executive chairman and brand chief said. “As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.”
Frisk’s departure comes a little more than a week after Under Armour reported $59.6 million in net losses and declines in both footwear and accessories sales. “Challenges” in China weighed on quarterly revenue, Frisk told analysts of the 1.5-percentage-point drag.
In a statement Wednesday, Frisk described his five-year Under Armour tenure, where he first started as president and COO, as “the greatest privilege of my career.”
“I am extremely proud of what we’ve accomplished as a team,” said Frisk, who spearheaded a strategy that revamped Under Armour’s structure, systems, and go-to-market process. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. Colin has an intimate understanding of the Under Armour business and our industry. I have every confidence that his stewardship will allow for a seamless transition.”
Before joining Under Armour, Frisk spent three years restructuring Aldo as the Canadian footwear company’s CEO. His previous experience includes roles at Gore-Tex maker W. L. Gore and Associates as well as VF Corp., where he oversaw The North Face, Timberland, JanSport, Lucy Activewear, and Smartwool.
Browne described the CEO transition as “an opportunity to further our long-term goals.”
“I am grateful for Patrik’s leadership and partnership,” he said in a statement. “As we work to deliver industry-leading innovation and premium experiences to athletes globally, we remain focused on amplifying the strong foundation that’s been set over the past few years.”