Underneath Armour Names New CEO
Athletic attire maker Underneath Armour (UAA) has named Stephanie Linnartz as its new chief government officer (CEO).
Linnartz, who beforehand labored as president of resort chain Marriott Worldwide (MAR), will assume the function of CEO at Underneath Armour on February 27, 2023.
Linnartz succeeds Patrik Frisk, who stepped down from the CEO place in Could after two years within the high function.
Underneath Armour’s interim CEO, Colin Browne, will resume his place as chief working officer (COO) when Linnartz takes over.
The change in management comes as Underneath Armour struggles with bloated inventories and provide chain points.
Nevertheless, demand for Underneath Armour merchandise stays sturdy. Income within the firm’s most up-to-date quarter rose 2%, beating Wall Avenue estimates.
At Marriott, Linnartz was chargeable for Marriott’s Bonvoy loyalty program that has 173 million members and developed partnerships with the NFL, NCAA and Formulation One.
The earlier CEO, Frisk, revived Underneath Armour’s operations and minimize prices throughout his time main the corporate.
Nevertheless, Underneath Armour’s inventory has declined 53% in 2022 to $9.90 U.S. per share. Over the previous 5 years, the corporate’s inventory has fallen 36%.