Under Armour Founder Plank Steps Aside as CEO After 23 Years (1)

Under Armour Inc. founder Kevin Plank is stepping aside as head of the company he started in his grandmother’s basement, elevating the executive he brought in two years ago during a painful restructuring of the apparel maker.

Patrik Frisk, Under Armour’s president since 2017, will become chief executive officer on Jan. 1, the company said Tuesday. Plank, 47, will remain head of the board, taking the title of executive chairman.

Under Armour shares rose as much as 4.5% in premarket trading. The stock had climbed 14% this year through Monday, trailing the 20% gain of the S&P 500 Index. ...