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23 Dec

Under Armour Names Marriott President Stephanie Linnartz as Next CEO

Under Armour Inc. reached outside of fashion for its latest team captain, naming Marriott International president Stephanie Linnartz as its next president and chief executive officer. 

Linnartz takes the spot that was vacated when Patrik Frisk stepped down in June. 

Kevin Plank — the driving force who put Under Armour on the map and still serves as executive chair and brand chief — welcomed Linnartz to the brand. 

“She is a proven growth leader with a distinguished track record of brand name strategy, omnichannel execution, talent acquisition and development, and keenness for driving best-in-class consumer connectivity, experience and brand loyalty,” Plank said. 

He said Linnartz was “accountable for leading Marriott’s multibillion-dollar digital transformation” and for partnering with sports leagues and growing the corporate’s loyalty program. 

“The board is confident that Stephanie — together with our leadership team and all of our key stakeholders — will speed up our ability to understand the substantial opportunities for Under Armour as each an operating company and aspirational brand,” Plank said. 

Linnartz will even function a director and can work closely with Colin Browne, who has been leading the business on an interim basis and can return to his post as chief operating officer. 

“Under Armour is an iconic brand with an enormous opportunity ahead,” Linnartz said. “This company has immense energy and excitement, and I’m committed to constructing growth while maintaining operational excellence. I look ahead to joining the incredible UA team, partnering with Kevin and the board and leading this amazing company into its next chapter, delivering for athletes, teammates, customers and shareholders.”

She’ll definitely have her work cut out for her as fashion continues to slog through a troublesome period with high inflation and price pressure. 

Last month, Under Armour posted $1.6 billion within the second-quarter revenues, beating estimates, but lowered its forecast for the 12 months in consequence of what it characterised as a “more difficult retail environment and extra negative impacts from changes in foreign currency.”

Under Armour described Linnartz’s appointment because the product of a “thorough and deliberate search.” 

Having a chosen CEO allows Under Armour to move into the Latest Yr on a firmer footing. 

But there are still a number of corner officers standing empty in fashion. 

The RealReal Inc. has been led by co-interim CEOs since June, when founder Julie Wainwright stepped down abruptly. Sonia Syngal left Gap Inc. in July. Michelle Gass left a void at Kohl’s Corp. in November, when she stepped away to start out next month at Levi Strass & Co., where she is ready to succeed CEO Chip Bergh.

And just this month, VF Corp. said Steve Rendle retired “by mutual agreement with the board” after the corporate cut profit estimates several times and debt from the $2.1 billion Supreme deal was seen as pressuring the corporate’s balance sheet. 

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