Why Under Armour Stock Is Taking a Loss Today
Founder Kevin Plank is back at the helm at Under Armour (NYSE: UA) (NYSE: UAA), and investors aren't quite sure what to make of the development. Shares of the athletic apparel brand are down 11% as of 10:45 a.m. ET following news of the surprise CEO change.
Plank founded Under Armour in 1996 and led the company through most of its growth before stepping down four years ago. He will replace Stephanie Linnartz, who joined about a year ago after spending 30 years at Marriott International.
"As the company continues to navigate several post-pandemic consumer, industry, and brand-specific factors, we are working hard to reconstitute our strengths and make thoughtful, balanced business decisions to drive enduring success for athletes, customers, and shareholders," Plank said in a statement. "I am energized about the team we have put into place and look forward to seizing the opportunities ahead."
Source Fool.com
