Under Armour CEO Frisk to step down
(Reuters) -Below Armour Inc stated on Wednesday Patrik Frisk would step down from his roles as president and chief government officer, efficient June 1.
Shares of the Baltimore-based firm have been down 3.1% in prolonged commerce.
The attire maker named Chief Working Officer Colin Browne as its interim CEO, whereas it searches for a everlasting alternative. Browne joined Below Armour in 2016 and succeeded Frisk as working chief in 2020.
Frisk, who joined in 2017 and was named as CEO in 2020, will stay with the corporate as an adviser via Sept. 1.
Frisk helped Below Armour “dramatically enhance” the well being of its enterprise over the past couple of years by specializing in constructing stock, BMO Capital Markets analyst Simeon Siegel stated.
Nonetheless, Below Armour earlier this month forecast full-year revenue under estimates and posted a shock loss for the fourth quarter, because it struggles with provide chain disruptions and lockdowns in China.
The corporate’s inventory has fallen greater than 50% this yr, underperforming rival Nike’s over 34% decline. Nike in March stated that transportation delays would stay a trigger for concern after beating third-quarter income and revenue estimates.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Enhancing by Amy Caren Daniel and Maju Samuel)
