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Under Armour reorganizes its executive team

Baltimore-based sports apparel company Under Armour announced the departure of its chief operating officer as part of a reorganization of its executive team.

COO Wayne Marino will retire in six months after helping with the transition, the company said Tuesday in a statement. Marino, who has been with the company for eight years, served previously as chief financial officer.

Kip Fulks will be promoted from executive vice president of product to COO, the company said. Fulks will continue to oversee the design and development of the company's products, but he will also oversee sourcing and information technology. Fulks is a college friend of Under Armour founder and CEO Kevin Plank.

The company said the moves were designed to "enhance Under Armour's management team and to optimize the growth of the brand."

Under Armour board member Chip Adams has been hired as chief performance officer, a new position. Adams, who has been charged with developing a new business strategy for the company, will remain on the board.

Adam Peake will become senior vice president of U.S. sales.

The company also plans to fill the newly created position of chief supply chain officer.

"The new leadership positions and alignment of our business solidify Under Armour's foundation for long-term success and demonstrate our commitment to delivering best-in-class product as we strive to empower athletes everywhere," Plank said in a statement.

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