Under Armour founder and CEO Kevin Plank will step back from his role of president in a series of management changes announced Tuesday.
Under Armour brought in an outsider to become president of the Baltimore-based athletic brand as it strives to revive slowing sales and its deflated stock price.
The company tapped Patrik Frisk, who has deep experience in footwear as CEO at The Aldo Group and a top executive at VF Corp., the parent of Timberland and The North Face. Frisk will bring a fresh perspective and management chops to Under Armour when he starts July 10.
Under Armour founder Kevin Plank will remain chairman and CEO and Frisk will report to him.
"Patrik's global experience in brand building, including a proven and disciplined record of driving growth, while enhancing profitability and efficiency, will be instrumental as we work to transform our business model to deliver long-term value for our consumers, customers and shareholder," Plank said in the announcement.
Under Armour shares were off 6 cents in early afternoon trading at $21.50 each.
Frisk will be responsible for the company's so-called go-to-market strategy for reaching customers and for executing its long-term growth plan.
Frisk has nearly 30 years' experience in the apparel, footwear and retail industry, directing brands such as The North Face and Timberland.
Frisk was CEO of Aldo, a Montreal-based retail shoe chain, until March when he was replaced suddenly by the son of the firm's founder.
Before joining Aldo in 2014, he spent 10 years with VF Corp., where he was coalition president of outdoor Americas with responsibility for The North Face, Timberland, JanSport, lucy and SmartWool brands. He was formerly president of the Timberland brand and before that, president of outdoor and action sports and responsible for The North Face, Vans, JanSport and Reef brands.
Other roles included vice president and general manager of The North Face.
He previously ran his own retail business in Scandinavia and held senior positions with Peak Performance and W.L. Gore & Associates.
A number of Under Armour executives will begin reporting to Frisk, including Charlie Maurath, chief revenue officer; Andy Donkin, chief marketing Officer; and Kevin Haley, president of strategy.
Other executives will continue to report to Plank, including Kip Fulks, co-founder and strategic advisor; Kerry Chandler, chief human resources officer; John Stanton, senior vice president, general counsel and corporate secretary; and David Bergman, the acting chief financial officer.
The company announced several other management changes Tuesday.
Paul Fipps, chief information officer and executive vice president of global operations, has been named chief technology officer. He will oversee all aspects of engineering to support the brand's web and mobile applications and its information technology and real estate functions. Fipps will report to Plank and lead the Connected Fitness business, with Michael Lee, chief digital officer and head of Connected Fitness reporting to Fipps.
Colin Browne will become chief supply chain officer and be responsible for all global operations related to product sourcing and logistics. He joined Under Armour in 2016 as president of global sourcing. Browne will report to Frisk.
And Kevin Eskridge became chief product officer in May to oversee category management and product, merchandising, design and innovation functions. He has been with the company since 2009. Eskridge, former senior vice president of global merchandising, helped establish the company's business in China. Eskridge also will report to Frisk.
"Today's leadership appointments and the streamlining of our organizational structure are transformative steps focused on a sharper, consumer-led approach and go-to-market strategy through our category management lens," Plank said in the announcement. "This underscores our work toward evolving from a great brand with good operations — to a great brand with great operations."