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Tom Geddes smiles while talking about his $17,000 water bill.
Tom Geddes smiles while talking about his $17,000 water bill. (Lloyd Fox/Baltimore Sun)

Tom Geddes, the CEO of Plank Industries, is stepping down, but will continue to be an outsider adviser to Under Armour founder Kevin Plank.

Since 2012, Geddes has led Plank Industries, a private holding company whose key investments include the Sagamore Spirit distillery, Rye Street Tavern restaurant, the Port Covington redevelopment project ― in which The Baltimore Sun’s headquarters is located ― and thoroughbred horse racing. Plank Industries holdings also include City Garage and the Sagamore Pendry Hotel.

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Geddes said he plans to explore his next steps in 2020. Plank has not yet named a replacement.

In his role working as Plank’s right-hand man, Geddes also facilitated Plank’s charitable work, including a $1 million donation to the Catholic Archdiocese of Baltimore for 100 more scholarships for city students to attend its schools and a $1 million donation to the CollegeBound Foundation, which helps public school students attend college.

Geddes was also a key player in negotiating with city officials to launch the $5.5 billion Port Covington redevelopment project. The Baltimore City Council approved up to $660 million in tax-increment-financing bonds to pay for roads, parks, utilities and other infrastructure for the development.

Plank, himself, is stepping down as CEO of Under Armour at year’s end. He will remain executive chairman and assume a new role as “brand chief.”

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