Under Armour CEO Patrik Frisk to step down, interim chief will take over June 1

Patrik Frisk, recently appointed Chief Executive Officer Of Under Armour, speaks at the 2020 Under Armour Human Performance Summit on January 14, 2020 in Baltimore, Maryland.

Olivier Douliery | AFP | Getty Images

Under Armour said its president and chief executive officer, Patrik Frisk, will be stepping down, effective June 1, as the sportswear retailer searches for a replacement.

In the interim, current Chief Operating Officer Colin Browne will serve as president and CEO, the company said Wednesday in a press release. Frisk is also expected to remain with Under Armour as an advisor through Sept. 1.

The stock fell nearly 3% after hours. Under Armour shares are down about 50% year to date.

Read the full press release from Under Armour here.

This is breaking news. Please check back for updates.

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