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Below Armour CEO Unexpectedly Steps Down, Receives $7.1 Million in Severance

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After two years on the job, Below Armour CEO Patrik Frisk introduced on Wednesday he will likely be stepping down, efficient June 1, with COO Colin Browne filling the function within the interim whereas the model seeks a everlasting substitute.

Frisk didn’t share a concrete motive for his surprising departure, and he declined to remark when prompted by CNBC, but it surely’s plain that the struggling athletic model had a disappointing quarter — after a disappointing few years.

Though the model has seen durations of bounceback, Below Armour inventory has typically plummeted since 2015, dropping 52% previously yr alone.

Associated: Below Armour Inventory Was Up 27 P.c At the moment. Here is Why.

When the previous CEO stepped on the scene in 2017, he got down to revamp operations, setting up a restructuring plan that concluded in March and price the corporate $571 million. Up to now few years the corporate has been dedicated to “constructing the muse,” Browne stated, per Yahoo Finance. “We’re at that subsequent iteration.”

The corporate is optimistic concerning the transition, and appears ahead to discovering its subsequent chief to take the model to “new heights.”

Frisk will stay with the agency as an advisor till September 1 to help with the transition, and he obtained a severance package deal value $7.1 million.

“It has been the best privilege of my profession to serve Below Armour athletes, clients, shareholders, and teammates. I’m extraordinarily happy with what we have achieved as a workforce,” Frisk stated in a assertion. “Colin has an intimate understanding of the Below Armour enterprise and our trade. I’ve each confidence that his stewardship will enable for a seamless transition.”

Associated: Below Armour’s CEO Was “Broke” After 12 months One. Here is What Occurred Subsequent.



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