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Under Armour hires former PetSmart executive as new CFO

Chip Molloy, the former chief financial officer of PetSmart, has been appointed CFO of Under Armour.
Chip Molloy, the former chief financial officer of PetSmart, has been appointed CFO of Under Armour. (Under Armour)

The former chief financial officer of PetSmart Inc. will become Under Armour's new CFO, replacing Brad Dickerson, who is stepping down from the role at the Baltimore-based sports apparel brand next month.

Chip Molloy will join Under Armour Jan. 19, the company said Tuesday. Dickerson said in October that he will become chief financial officer of Blue Apron, the New York-based recipe and ingredient delivery service.

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Molloy, a Maryland native and U.S. Naval Academy graduate who served 10 years as a Navy fighter pilot, will work during a transition with Dickerson, who will stay with Under Armour as an advisor through February.

Molloy served as executive vice president and CFO at PetSmart from 2007 to 2013. In 2011 he was named Institutional Investor's CFO of the Year for specialty retail. He has been a senior advisor for Atlanta-based private equity firm Roark Capital Group since October 2014. He holds an MBA from the University of Virginia.

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"It is extremely exciting to join a company that has not only been phenomenally successful, but also has the potential for significant growth for many years to come," Molloy said in the announcement.

Under Armour Chairman and CEO Kevin Plank said Molloy is expected to play a role in helping to drive Under Armour's business to a projected $7.5 billion in sales by 2018.

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