A.B. “Buzzy” Krongard, a longtime Baltimore investment banker and former CIA official, has stepped down from Under Armour’s board after 15 years, the company announced.
Krongard will be succeeded as Under Armour’s lead independent director by Mohamed A. El-Erian, who is the chief economic advisor at Allianz, the German corporate parent of U.S. mutual fund giant PIMCO.
He joined Under Armour’s board in 2006 when the Baltimore brand was still a scrappy upstart in the athletic apparel world.
“Throughout his 15-year tenure with Under Armour, Buzzy has served with distinction in helping us become one of the world’s largest athletic performance companies,” said Kevin Plank, Under Armour’s executive chairman and brand chief, in a statement. “It is with great pleasure that we honor Buzzy’s legacy and express our sincere thanks to him for his leadership, strategic counsel and significant contributions during his many years of service to the brand.”
In a statement, El-Erian said he was honored to follow Krongard’s “successful and impactful tenure” as lead director.
After years of rapid growth, Under Armour stumbled in late 2016 and sales have largely stagnated since then as the company has worked on a turnaround and revitalizing its supply chain and product line-up. The company said it was on track with the effort earlier this year before the coronavirus pandemic crippled the economy, forcing the closure of stores and causing demand to drop. As a result, Under Armour reported a loss of $590 million for the first quarter as sales plummeted 23% to $930 million compared to a year earlier.