UPDATE 1-Under Armour founder, CEO Kevin Plank steps down; insider tapped for role

(Reuters) – Under Armour Inc (UAA.N) said on Tuesday its founder and long-time Chief Executive Officer Kevin Plank will step down from the role next year and be succeeded by Chief Operating Officer Patrik Frisk.

Plank, who will relinquish the role at the beginning of 2020, has been chief executive since 1996.

Frisk, 56, joined the company in July 2017 from his position as CEO of footwear and accessories company Aldo Group.

Since joining Under Armour, Frisk has played a main role in the company’s turnaround plan. He will join the board, while Plank transitions to executive chairman and brand chief.

“Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO,” said Plank.

Shares of the company were up 1% in premarket trading.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr

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