Under Armour's New CEO Makes an Ugly Start
His kitchen-sink approach to bad news may pave the way for a rebound.
After under-promising, new CEO Patrik Frisk has little choice but to over-deliver.
Photographer: Justin Sullivan/Getty Images North AmericaAny new chief executive likes to make their own mark. For Patrik Frisk, who took the helm of Under Armour Inc. last month, there’s even more reason than most. While founder Kevin Plank has ceded the role of CEO, he’s staying around as chairman and brand chief at the maker of athletic apparel.
At first glance, the surprise sales and profit warning that Frisk, who spent two-and-a-half years as chief operating officer, announced on Tuesday, looks like the last thing he would have wanted to unleash on investors during his first update. And that’s not all: Under Armour is also considering another restructuring,