Just 13 months into her tenure at Under Armour, Linnartz is already out as CEO. The Marriott veteran took over in 2023 less than a year after former CEO Patrik Frisk was ousted (Frisk himself had only run the business for two years). Disgraced founder Kevin Plank - who used then Bloomberg's Stephanie Ruhle as both a private PR adviser and alleged love interest - will take the reins from her on April 1, according to a company press release.
Plank, currently executive chair of the board, will return to the CEO job April 1, Under Armour said Wednesday. Linnartz will remain an adviser to the company through April 30, while a familiar name on Wall Street, lead director Mohamed El-Erian, will succeed Plank as non-executive chairman.
Plank thanked Linnartz for her efforts and said in a statement that he looks forward to “seizing the opportunities ahead” for Under Armour.
“During her tenure, [Linnartz] strengthened the leadership team with executive hires in critical areas, including product, design, supply chain, consumer connectivity, and regional management,” Plank said in a statement. “Her prior experience leading major brands was instrumental in focusing our consumer strategy, including the launch of the U.S. loyalty program, UA Rewards. Her efforts have helped set us on the right path, and we wish her success in her future endeavors.”
Indeed, Linnartz was in the midst of overhauling Under Armour’s C-suite, which recently saw the exit of Browne, Chief Product Officer Lisa Collier and other roles. During her last earnings call, Linnartz highlighted that in addition to a new chief of product and head of the Americas, named in January, Under Armour over the months had also brought on a new: chief consumer officer, chief communications officer, chief design officer, chief supply chain officer, leader for the EMEA region and senior vice president of DTC in the Americas. The business is also in the middle of a pivot to a more athleisure-focused offering.
Bloomberg Intelligence analyst Poonam Goyal said the CEO change was a surprise because there were early signs that Linnartz’s turnaround plan was taking hold. Plank’s return “might raise eyebrows, given his resignation amid workplace controversies,” Goyal wrote in a note, eyeing former co-worker Stephanie Ruhle.
Plank stepped down as CEO of Under Armour in 2020 after a series of scandals, including a Wall Street Journal story that reported the company had a culture of inappropriate behavior toward women. Not only that, but details emerged that the billionaire had developed close ties with MSNBC anchor Stephanie Ruhle, who had traveled with Plank and Under Armour staff on his private jet, while "advising" the CEO her input on a range of business matters.
Ruhle’s involvement at the Baltimore company was unusual and problematic, the WSJ reported, and left employees unsure how to handle her feedback because "many people believed she was romantically involved with Plank." Both Mr. Plank and Ms. Ruhle are married.
Linnartz outlined a three-year plan in 2023 to grow the brand through womenswear, footwear and “sports style” by pushing into more design collaborations and bolstering its presence in sneaker culture. She called her first year a “building year” for Under Armour as she moved to reset inventory levels and realign the business around the new strategic priorities.
A former executive at Marriott International Inc., Linnartz is a polished leader who oversaw the hotel chain’s rewards program and forged partnerships with entities like the National Football League and the National Collegiate Athletic Association before taking the top job at Under Armour.
During her tenure at Baltimore-based Under Armour, Linnartz started the athletic-wear company’s own rewards program and brought in many new senior managers across divisions, including heads of product and branding, to help execute the turnaround plan.
“Her efforts have helped set us on the right path,” Plank, who founded Under Armour in 1996, said in the company’s statement Wednesday.
Under Armour raised its outlook for full-year earnings in February, with cost-cutting efforts overcoming a continued decline in revenue, particularly in its home market. Still, North American revenue was down 12% in the most recent quarter and the stock is a mere fraction of where it traded over the past decade.
