Patrik Frisk, President and CEO, Under ArmourInc has resigned from his position in the company with effective from June 01.2022.
The Baltimore-based apparel maker has named Colin Browne, Chief Operating Officer as nterim CEO, while it searches for a permanent replacement. Browne joined Under Armour in 2016 and succeeded Frisk as operating chief in 2020.
Frisk, who joined in 2017 and was named as CEO in 2020, will remain with the company as an adviser through September 1.
Frisk helped Under Armour " dramatically improve" the health of its business over the last couple of years by focusing on building inventory, says Simeon Siegel, Analyst, BMO Capital Markets.
However, earlier this month, Under Armour forecast full-year profit below estimates and posted a surprise loss for the fourth quarter, as it struggles with supply chain disruptions and lockdowns in China.
Underperforming rival Nike’s 34 per cent decline, Under Armour’s stock have fallen by over 50 per cent this year. Like Nike, the brand continues to be troubled by , transportation delays.