Stephanie Linnartz was hired to lead the next evolution of struggling Under Armour.

She got little more than a year to do so.

The Baltimore-based maker of athletic apparel, footwear and equipment, whose wearables and bags sell in the promotional products industry, announced that Linnartz is stepping down as president, CEO and board member effective April 1. Her tenure in those roles began in late February 2023.

Replacing Linnartz? Under Armour founder, former CEO and current executive board chairman Kevin Plank. His titles, after the April change, will be president, CEO and board director. Plank has 65% voting control in Under Armour due to his stock ownership.

Kevin Plank is returning as CEO/president of Under Armour. Current CEO/President Stephanie Linnartz is stepping down effective April 1.

“As the company continues to navigate several post-pandemic consumer-, industry- and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers and shareholders,” Plank said. “I am energized about the team we have put into place and look forward to seizing the opportunities ahead.”

Not so energized on the move were certain analysts and investors in Under Armour, a publicly traded company. The brand’s stock price was down about 10% between the March 13 leadership announcement and mid-day March 19. Neil Saunders, a retail analyst and GlobalData managing director, told CNBC that the return of Plank is “emblematic of a brand that can’t quite decide which direction it wants to go in.”

“He is…totally the wrong person to be leading Under Armour into the next decade, in large part because of his checkered resume for driving cultural excellence inside the company,” said Yahoo Finance’s Executive Editor Brian Sozzi. “He also missed several key consumer trends, coming late to the sneakers and athleisure parties, essentially handing the market to Lululemon while strengthening Nike.”

Nearly 10%
The percentage drop in Under Armour’s stock price between March 13 and mid-day March 19, following the leadership-change announcement.

Fast Company opined that Linnartz wasn’t given reasonable time in the leadership role and that “Plank is anything but a sure bet for the company; its sales had stalled and golden age ended before he ever stepped down as CEO.” The business publication also pointed to a number of scandals that Plank/Under Armour were embroiled in prior to Plank’s exit as CEO at the start of 2020, including allegedly violating securities law.

In connection with Plank’s appointment, Mohamed A. El-Erian, an independent Under Armour director since 2018 and lead director since 2020, will become the non-executive chair of the board. El-Erian enthused about Plank’s return.

“With Kevin’s vision and drive serving as critical components, board members and I look forward to working closely with him and the Under Armour leadership team to unleash shareholder value and drive the company forward,” El-Erian said.

Plank founded Under Armour in 1996 and was CEO until the end of 2019, when he became executive chair and brand chief. Patrik Frisk was his successor, but he resigned as CEO, president and board member in July 2022. Colin Browne, then COO, took over as interim CEO until Linnartz’s run began in February 2023.

Prior to joining Under Armour, Linnartz was with Marriott International, the world’s largest hospitality company, for almost 26 years. She became president there in 2021, a role that saw her provide leadership for all aspects of Marriot’s global strategy and execution.

At Under Armour, Linnartz brought in new leadership talent, including Yassine Saidi as chief product officer, Shawn Curran as chief supply chain officer, and John Varvatos as head of design. She also led a strategy called Protect This House 3, which aimed to raise awareness of the Under Armour brand and ultimately boost U.S. sales and accelerate international business.

“I want to thank Stephanie for her contributions to Under Armour,” Plank said. “Her prior experience leading major brands was instrumental in focusing our consumer strategy, including the launch of the U.S. loyalty program, UA Rewards. Her efforts have helped set us on the right path, and we wish her success in her future endeavors.”

Under Armour’s sales were down 6% in its most recently ended fiscal-year quarter, which concluded Dec. 31, 2023. The firm projects that full revenue for its entire current fiscal year – which ends with March – will be down 3% to 4%.

“I feel honored to have served as Under Armour’s president and CEO,” Linnartz said. “We have a strong foundation in place for future growth and the company’s potential is limitless. I will continue to root for Under Armour’s success.”

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