Under Armour Investors Approve New Shares as CEO Keeps Control

Under Armour Inc. investors approved the creation of a new class of shares that don’t have voting rights, which will maintain founder and Chief Executive Officer Kevin Plank’s control of the sporting-goods maker.

The vote was a formality because Plank controls 67 percent of the voting rights thanks to his ownership of Class B shares, which have 10 times the votes of the Class A shares that outside investors can buy. Investors will receive one share of the new, nonvoting Class C stock for each Class A or Class B share they hold. The move has the effect of a 2-for-1 stock split and allows Plank to sell shares without losing any control.