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Under Armour chief financial officer Dickerson to step down

File photo: Under Armour CFO Brad Dickerson (left) and CEO and founder Kevin Plank at Under Armour's annual stockholder's meeting on May 4, 2010.
File photo: Under Armour CFO Brad Dickerson (left) and CEO and founder Kevin Plank at Under Armour's annual stockholder's meeting on May 4, 2010. (Karl Merton Ferron / Baltimore Sun)

Under Armour's longtime No. 2 executive Brad Dickerson, the company's chief financial and operating officer, is leaving the Baltimore-based athletic apparel brand early next year.

Dickerson "will be stepping down to pursue another professional opportunity outside of the athletic performance industry," the company said in a news release.

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He will remain with Under Armour until February 2016.

Dickerson's future plans include "helping an early stage company accelerate growth," expertise he developed during more than a decade with the sports apparel brand, he said in the announcement.

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He has been with the company since 2004 — before Under Armour went public — and previously had been CFO of Macquarie Aviation North America. At Under Armour, he served as CFO since 2008 and added the title of chief operating officer early this year.

"I am extremely proud of being part of this dynamic brand, specifically in driving explosive growth to nearly $4 billion in revenue this year and laying the foundation for $7.5 billion in revenue by 2018," Dickerson said in a statement.

Kevin Plank, Under Armour's foudner and CEO, said Dickerson played "an integral role" in helping boost the company from pre-IPO to multi-billion dollar global business.

Under Armour shares ended trading Wednesday off 2 percent at $101.28 each.

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The move makes sense for a longtime CFO who may be "looking for more of a professional or personal challenge, when a company reaches a certain maturity," said Jason Moser, an analyst with Million Dollar Portfolio at Motley Fool in Virginia. "It doesn't seem like anything other than an amicable parting of the ways."

Dickerson's previous roles at Under Armour included vice president of finance and accounting and corporate controller.

Under Armour said it would begin an external search for a new chief financial officer. It said the position would include "key operational duties" of a chief operating officer role and that some COO duties also would be shared by the executive leadership team.

It's not surprising that Under Armour would structure its leadership without a separate COO position, Moser said.

"COO can be seen as a position groomed to one day take over" [as CEO], he said. "But in the case of Under Armour, because Kevin Plank is so young and so driven and obviously has his thoughts on how and where business should go, maybe a COO isn't as necessary."

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