Under Armour eclipsed the $3 billion annual sales mark for the first time last year andovertook Adidas asthe No. Through our investment, hiring and in everything we do, we expect to be leaders in the advancement of all forms of diversity and gender.. - CEO Kevin Plank pic.twitter.com/8YvndJMjj1. As his friends moved on to play professionally, he would send them T-shirts, requesting that they pass them out to other players in their locker rooms. We believe building should be focused on much needed Bean faced boycott calls after it was reported that a granddaughter of its founder contributed to a political action committee backing Trump.Plank sits on a manufacturing advisory panel assembled by Trump that met with him the Monday after he was inaugurated. 2 athletic apparel brand in the U.S. behind Nike. [56] Plank's comments drew criticism on social media. In a statement, Plank said, After twenty-four incredible years, I have decided that now is the right time to transition Under Armours leadership to a new generation.. Just because you lose doesnt mean youre done; it doesnt mean youre even wrong, said Costner. "My business is sports, health and fitness, but the things I like to do are horse racing and whiskey," the Under Armour founder told a crowd of UA and political dignitaries like Maryland Gov. Earlier this year, the Journal also reported that 47-year-old Plank had a close relationship with MSNBC anchor Stephanie Ruhle and solicited her business advice over that of his own management team. "It was important", Plank said, "that this not just be my decision. The strategy was a success, earning the company the world's largest digital health-and-fitness community, with 150 million users. To revisit this article, select My Account, thenView saved stories, At a time when even a perceived relationship with Donald Trump can swiftly become a PR nightmare for a brand, Under Armour's CEO Kevin Plank has decided to endorse the President outright. It was not to be. [40] Its first bottles were sold at stores in 2016. The versatile training shoe, which is also equipped with the BOA Fit System, was developed to give athletes, particularly high school and college athletes, one less thing to worry about during their busy day-to-day lives. Employees at the athletic apparel giant were uncomfortable with their relationship, according to the report, and were unsure how to handle her feedback because many believed she had romantic ties with Plank. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. Im committed to making sure every client I work with gets the best results possible. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. Under Armour announced today that Kevin Plank, who founded the company in 1996, is stepping down from his CEO role in January and will remain as . [40], Plank renovated the former Recreation Pier building in Fells Point, Baltimore. Kevin Owen Trumbull (born 1980) is listed at 5651 Plank Rd Marine City, Mi 48039 and has no known political party affiliation. He is a male registered to vote in St Clair County, Michigan. Plank engaged in some quick crisis public relations. Founder, Executive Chairman and Brand Chief. "But Mr. Plank has a company to run, and it sounds like that's what he's doing so I'd encourage investors to focus more on the fundamentals of the business and less on short-lived events such as these. "We believe that immigration is a source of strength, diversity and innovation for global companies based in America like Under Armour. Terms & Conditions. [3] They have two children,[3] and live in Lutherville, Maryland. Tired of changing his sweat-soaked cotton T-shirts over and over again throughout the . In many cases, he said, "it goes away, and there's not a longer-term impact on brands or companies. You dont need to look beyond Trumps Twitter account on Monday to see why. 37 on Businessperson of the Year list by, No. 2022 Fortune Media IP Limited. He read a speech on Monday, two days after the fighting, that singled them out. This is what we believe. Under Armour founder Kevin Plank built a popular sportswear brand as the underdog competitor to Nike. BALTIMORE Under Armour Founder Kevin Plank will step down as CEO in the new year to become the company's executive chairman and brand chief. "Millennials and Generation Z want brands and retailers to be transparent about their stands on social issues," said Matt Powell, an NPD Group vice president and apparel, sports and footwear analyst. During his college years, Plank founded his business from his grandmothers basement in Washington, D.C., and has since held the position of CEO. Kevin Plank, the CEO of Under Armour, has resigned from the company. Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business. (Photo by Chip Somodevilla/Getty Images). "You know, I think a lot of people bet against Tom Brady the other night, too," he said. But to be clear, these comments aren't just about Trump's ideals, they're in support of key Trump policies, which has already inspired backlash: Previously, statements made by executives at L.L. Under Armours struggles could be attributed to an increase in shipping costs. As the founder of Under Armour, Kevin Plank didn't set out to change Baltimore when he started the sports equipment and apparel brand there in 1998. The company first introduced a smart shoe with a built-in sensor in 2016 that stores and tracks data. [37], Plank Industries also bought and revamped the water taxi in Inner Harbor. He will be succeeded by chief operating officer Patrik Frisk, who joined Under Armour in July 2017 from his position as CEO of footwear and accessories company Aldo Group. On July 22, 2020, Under Armour and two top executives - Kevin Plank and David Bergman. Since joining Under Armour, 56-year-old Frisk has played a main role in the companys turnaround plan. All hail the greatest regular season Pro Bowl quarterback in the NFL. [58], Plank sat on the President Trump's American Manufacturing Council. Desiree Jacqueline Guerzonm. As some customers vowed to boycott the brand, three major endorsersStephen Curry, ballerina Misty Copeland, and actor Dwayne "The Rock" Johnsonwent on Twitter to express their opposition. For a certain segment of customers -- those who are active on Twitter -- Plank's statements were not well received. By joining other CEOs in quitting a White House advisory council, he may have hoped his company would finally be free of the controversy. A $10 million donation from Baltimore-based business magnate and philanthropist, philanthropist, and Under Armour executive Kevin Plank, announced on Monday, will be used to support CollegeBound. When Mercks boss, Kenneth C. Frazier, announced hed leave the White Houses council, he said it was a matter of personal conscience to take a stance against intolerance and extremism. Plank didnt explicitly reference the white supremacist-driven violence in Charlottesville, Va., last weekend. Under Armour is headquartered in Baltimore, a deeply Democratic city in a solidly Democratic state. His former home, when he put it up for sale, was the most expensive home on the market in Washington, DC. (Note: Under Armour currently manufactures virtually all of its products overseas save for a specialty factory in Maryland, used to make custom products for athletes and VIP clientele.) Plank's Trump praise might make that organic growth even harder, though it appears that Plank is aware of this. Basketball superstar Stephen CurryUnder Armours prized sneaker pitchmanmocked Trump and raised the possibility he would sever ties with the company. 23 Kevin Plank", "The 100 most influential leaders in marketing, media and tech", "Under Armour To Receive FN's 2015 Brand Of The Year Award", "America's Most Powerful CEOs 40 And Under", "Under Armour CEO Kevin Plank named one of SI's most powerful people in sports", https://en.wikipedia.org/w/index.php?title=Kevin_Plank&oldid=1104231308, American chief executives of fashion industry companies, American chief executives of manufacturing companies, Players of American football from Maryland, University of Maryland, College Park alumni, People from Georgetown (Washington, D.C.), Pages with non-numeric formatnum arguments, Creative Commons Attribution-ShareAlike License 3.0, No. Kevin Owen McCarthy (born January 26, 1965) is an American politician who is the 55th and current speaker of the United States House of Representatives, serving since January 7, 2023. This is a BETA experience. Run by designer Tim Coppens, formerly of Ralph Lauren and Adidas, looks range from tailored sportcoats to uniquely quilted vests. In the ad, Plank said Under Armour stood for job creation, but publicly opposed the president's proposed travel ban. (Trump also praised L.L. Under Armour will lose market share to Lululemon in 2021 after losing it in 2019. Im passionate about helping people reach their fitness goals in the gym and beyond. The decision comes hours after the CEO of pharmaceutical giant Merck announced hed do the same. capability. Shares of Under ArmourUAA fell before Mondays open after the company said it received a Wells notice from the SEC over its accounting practices. The concept for Under Armour was based on Plank's personal experience playing college football. [30] The property was once owned by Alfred Gwynne Vanderbilt. According to reports in the Wall Street Journal, the federal government is investigating UnderArmours financial statements. Powered and implemented by Interactive Data Managed Solutions. Misty Copeland, a fellow Under Armour brand ambassador and the first African-American principal dancer at the American Ballet Theatre, also spoke out, saying in an Instagram post, "Those of you who have supported and followed my career know that the one topic I've never backed away from speaking openly about is the importance of diversity and inclusion. Under Armour expects to double its revenue from athleisure by 2026 to $6.3 billion, up from $6.3 billion in 2018. Early Days Plank was born on August 13, 1972, and raised in Kensington, Maryland, where his mother served as mayor and father as a property developer. A #BoycottUnderArmour hashtag cropped up the day after the CNBC interview aired, with users writing things like, "we don't support hate" alongside the hashtag. You may opt-out by. "We are incredibly proud of this important first step in the evolution of creating more jobs at home. He started Under Armour in 1996 in the basement of his grandmothers home with $15,000 and $40,000 in cash. Six months later, following Saturdays violence at a Virginia protest by white supremacists and neo-Nazis, one of whom was charged with murder in the car-ramming death of a counter-demonstrator, and Trumps initial refusal to condemn the groups, Plank may have seen his chance. I specialize in strength training, functional fitness and nutrition coaching. Noticing his football teammates' sweat-soaked shirts, Plank came up with a lightweight, sweat-wicking shirt using fabrics from women's undergarments. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. I didnt really care how the cookie crumbles, that people that liked me now dont like me, he told USA Today. He wants to make bold decisions and be really decisive." earlier this year. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. "Under Armour framed its involvement with Trump as focused on the manufacturing initiative, which complements its effort launched in Baltimore last year to test technologies for local production. [16], Plank initially ran the business from his grandmother's townhouse in Georgetown. Company CEOs are making calculated decisions about the risk of appearing to side for or against the president in a polarized political climate. [16] Plank said he chose the British spelling "armour" because he "thought the phone number 888-4ARMOUR was much more compelling than 888-44ARMOR". [3][6] He left the prestigious Georgetown Preparatory School, a Catholic school, due to poor academic performance and behavioral issues,[7][8] then went on to graduate from another Catholic school, St. John's College High School, in 1990. That's only heightened in terms of importance as the country has become more divided in political views. Kevin Plank and Under Armour. However, Planks support for Trump has not been without controversy. . The walls are closing in on corporate employees as CEOs at Disney and Starbucks demand that workers start returning to A decades-long broken economy screwed over millennials, and their decision to delay having kids is fueling Americas Up from here? According to a memo from CEO Patrik Frisk, the Maryland-based sportswear retailer plans to lay off 600 people. Larry Hogan and Baltimore Mayor Stephanie Rawlings-Blake on Wednesday. On some visits, employees charged hundreds of dollars there to the company, the paper reported, citing unnamed sources. We stand firmly for equal rights, Planks letter read. Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. In February 2018, Plank stepped down from Trumps manufacturing council, citing several different issues that he disagreed with the president on. [32] Plank has said he seeks to restore the farm and rejuvenate Maryland's horse racing tradition by raising a Triple Crown winning horse. [5] Plank tried several prototypes before deciding on the one he wanted to use. Make Your Own Push Up Bars At Home: A Simple And Effective Way To Boost Your Strength Training Routine, Pushing Up Changes In Git: A Step-by-Step Guide, Make Your Small Breasts Look Fuller And Perkier: Tips And Tricks For Pushing Up Your Chest, Unlock Your Potential With Push Up Handles: An In-Depth Look At The Benefits And Uses, Push Yourself To The Limit: Simple Steps To Improve Your Push Up Stamina And Maximize Your Workout, Maximizing The Effectiveness And Safety Of The Concentric Phase Of A Push Up. [47] He is also a member of the Board of Trustees for Living Classrooms, a Baltimore-Washington based non-profit organization dedicated to the hands-on education of young people using urban, natural and maritime environments as living classrooms". [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. In North America, sales were $940 million, a slight decrease from the previous year. Personal beliefs and opinions. Both Nike And Under Armours CEOs Are Stepping Down: Is This The End Of The Imperial And Untouchable CEO? I'm a big fan of people that operate in the world of 'publish and iterate' versus 'think, think, think, think, think', so there's a lot that I respect there. Politics is infernally tricky and. Under Armour manufactures footwear, sportswear, and accessories. NBA On September 23, 2020, it was announced that Kevin Plank would step down as CEO of Under Armour, effective January 1, 2021. [16] He also attempted to name his company Body Armor, but efforts to trademark that name were also unsuccessful. Back in 2012, the future looked rosy to Under Armour CEO Kevin Plank. I personally believe that immigration is the foundation of our countrys exceptionalism, wrote Plank. Under Armour Still, he remained on the advisory board. Plank, who has been chief executive since he founded the company in 1996, will relinquish the helm at the beginning of next year. We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders. In addition to sitting on the University's Board of Trustees, he played an integral role in the development of an endowment fund that the Dingman Center uses to invest in viable startup businesses. [43], Plank donated $1 million through The Cupid Foundation to the Baltimore-based CollegeBound in 2016. Odds & lines subject to change. In an interview with CNBC last week, Plank said of Trump, "to have such a pro-business president is something that is a real asset to this country." At the time, Under Armour told The Post that its false to report that Kevin Plank used corporate dollars at strip clubs, and added that Plank didnt conduct business at strip clubs or use company funds at such venues.. Because American political parties consist of many individuals with widely varied interests, planks are important and help organize the opinions and strategies for each political issue. Shoe sales are suddenly headed in the wrong direction after years of growth, as the company reported a 2 percent decline in footwear sales to $237 million last quarter, compared with a 58 percent increase in the same period the year prior. During the interview, Plank raised concerns about the possible "border tax" Trump has floated.But Plank, who has contributed in the past both to Republican and Democratic elected officials in federal and state posts, said that having "such a pro-business president is something that's a real asset to this country. In 2021, Plank's net worth was estimated to be around US$1.8 billion. "The point is that reputational damage to Under Armour appears to be done, and such damage may have lasting effects on brand perception and, ultimately, sales in our view.". Good luck with that, Kev. But both times, Planks comments have been measured. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers. I'm not going to stop using a good quality product just because they don't have the same views I have. Update 3: Under Armour has offered a new statement regarding the president's travel ban: "These are not new or revised values. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. Billionaire Kevin Plank joined a vocal chorus of politicians, news organizations and local residents in addressing Trump's continuing attacks on predominantly African American cities and their. Could Plank simply trying to curry favor with President Trump, in hopes he can help pass laws that could make their brand more profitableor at least give them a shout out on Twitter? We are incredibly proud of this important first step in the evolution of creating more jobs at home. Actor Dwayne The Rock Johnson said Planks words were divisive. Misty Copeland, the ballet icon and star of the companys womens clothing campaigns, said she strongly disagreed with the CEO. Thats OK.. Mayor Scott will celebrate the rebranding at a Plank-sponsored party tonight. "Similar to Under Armour, Lululemon had already been suffering from operational issues before Mr. Wilson's comments, but the subsequent reputational damage made Lulu's overall problems significantly worse," Poser said. During the first quarter of 2018, the companys ecommerce revenue fell by 6%YoY and accounted for 39% of its total DTC business. It is imperative to me that my partners and sponsors share this belief.". Despite Trumps Twitter tirade against Merck, the companys stock finished Monday slightly more valuable than it started it. Nike He has also given millions of dollars to support disadvantaged Baltimore youth through his company, The Plank Group. But it's likely the effect won't linger, he said. Under Armour has had difficulty keeping up with its competitors in recent years. [40] He was initially approached about creating a vineyard, but being a whiskey enthusiast he asked his business partner to research whiskey. Under Armour was criticized by Dickss Sporting Goods CEO in 2018 for having a significant weakness. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. "It's unfortunate that any positive commentary in today's political climate is perceived as 'all or nothing' in support for or against any particular individual and his/her politics," Moser said. The move follows more than three years of the sports apparel companys financial and cultural struggles. During the interview, Plank raised concerns about the possible "border tax" Trump has floated. It also cited allegations of sexual misconduct by male executives including by Planks brother, Scott, who resigned in 2012, according to the Journal and concerns about womens pay and promotions. SEC Is Investigating And Sends Kevin Plank A Wells Notice. Political parties began with the Federalists and Anti-Federalists in the debates leading up to the ratification of the Constitution of the United States. "Loyola's Bell said Under Armour is handling the negative reaction in the best way possible. [37] The company had acquired approximately 235 acres in the area[36] and planned to build a mix of offices, residential areas, retail space, parks, boat launches and more. Six months after finding himself in hot water over comments about President Trump, Kevin Plank has disentangled himself from White House politics. 2003 Kevin Plank/Spouse. 8 What are the planks of a political party? In an interview on CNBC, he praised the president as. There is no definitive answer to this question as Kevin Plank has never openly stated his political affiliation. But if Trump were to start tweeting about Nikes superiority to his brand, Plank might not like that, either. [55] On CNBC's Halftime Report in February 2017, Plank commented on Donald Trump's pro-business philosophy, saying the president was a "real asset" to the business community. Patrik is the right person to serve as Under Armours next CEO, said Plank. I write about women who run companies, countries and currencies. Most notably, he founded Under Armour, and he continues to serve as the company's Chairman and CEO. Plank, who started Under Armour in 1996 in his. According to Susquehanna Financial Group analyst Sam Poser, Plank's commentary didn't just breach conventional wisdom staying mum on matters of politics and religion. Under Armor was established by Kevin Plank, a member of the University of Maryland football team who also founded the company. 2023 Forbes Media LLC. We've received your submission. AZ, CO, CT, IL, IN, IA, KS, LA, (select parishes), MD, MI, NH, NJ, NY, OH, OR, PA, TN, VA, WV, WY, CA-ONT only.Eligibility restrictions apply. [50] He is also responsible for the development of the Cupid's Cup business competition. It was bad for business. Shai Gilgeous-Alexander, Lauri Markkanen, DeAaron Fox, Tyrese Haliburton and Anthony Edwards are all likely to make their first NBA All-Star game appearance, so lets rank them. Planks praise of Trump didnt play well at home. Grandstanders should not have gone on. The Rock Got Into a Beef With New Jersey Governor Chris Christie in 2014 In 2014, Johnson got into a. [2], Plank married Desiree Guerzon, in 2003. Its a good bet hes there [], Master of Business Administration, Robert H. Smith School of Business; Bachelor of Arts/Science, University of Maryland. He started his business there and still runs it in Maryland today. )It's not the first time Under Armour has found itself caught on the horns of a polarizing issue. [14], The idea that led to Under Armour was sparked while playing for the Maryland Terrapins; Plank said he was the "sweatiest guy on the football field". When Kevin Plank endorsed President Donald Trump in 2017, he caused a stir. We have teammates from different religions, races, nationalities, genders and sexual orientations; different ages, life experiences and opinions. Reflects change since 5 pm ET of prior trading day. But spark a firestorm he did. The sportswear apparel brand he had founded in the 1990s was going up against giant Nike. Follow this author to stay notified about their latest stories. Kevin Plank. For more, visit Forbes.com/400. In an interview on CNBC, he praised the president as pro-business and a real asset for the nation just as debate raged over an executive order to halt the U.S. admission of people from Muslim-majority countries. The CollegeBound Foundation plans to use the funds to expand its college counseling, financial aid, and scholarship programs in Baltimore and to support college preparatory programs in under-served communities across the country. Plank, who stepped down as Under Armour's CEO in 2019 and is now chairman, took the company public 2005; he owns a nearly 16% stake. Appearing on CNBC, the U.A. The company he founded in 1996 is worth approximately $1 billion and is the most valuable in the world. His mother is a former mayor of Kensington, who went on to direct the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan. 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