Under Armour founder Kevin Plank earned $5.6 million in 2019, a 9% decrease, though the company placed the value of Plank’s compensation in his last year as CEO at $1.95 million.
Plank stepped down as CEO on Jan. 1, when he became executive chairman and brand chief and was replaced by Patrik Frisk.
Plank’s executive pay last year included a base salary of $26,000, $4 million in stock option awards, $1.92 million in non-equity incentive plan compensation and more than $8,000 in other compensation, a filing Wednesday with the Securities and Exchange Commission showed.
The total package of $5.6 million compared with $6.5 million in total compensation in 2018, the company reported.
But the company said Plank’s “total actual realized compensation” was $1.95 million in 2019, which more accurately reflects the impact of the company’s performance on pay. It includes vesting of restricted stock units granted in prior years and the exercise of stock options granted in prior years, none of which were exercised, the company said.
Plank earned $1.92 million in non-equity incentive plan compensation last year based on adjusted operating income falling slightly below target levels. The sports apparel maker had set targets as part of its multiyear turnaround plan to improve profitability and efficiency.
Frisk, who joined the company in July 2017, earned a total package of $6 million, including a $1 million base salary, $4 million in stock awards, $960,000 in non-equity incentive plan compensation and more than $42,000 in other compensation.