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Under Armour Founder Kevin Plank Is Stepping Aside as CEO After 23 Years

  • Patrik Frisk, president since 2017, is to replace Kevin Plank
  • Shares up most since May as Plank moves to executive chairman
Under Armour Inc. clothing is displayed for sale at Dick's Sporting Goods Inc. store in Sterling Heights, Michigan, U.S., on Thursday, Aug. 18, 2016. Dick's Sporting Goods Inc. released earnings figures on Aug. 16.

Photographer: Sean Proctor/Bloomberg

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Under Armour Inc. founder Kevin Plank is stepping aside as head of the company he started in his grandmother’s basement, with the hand-picked executive he brought in two years ago promising a “louder brand” for the athletic-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.