Under Armour appoints Stephanie Linnartz, a seasoned Marriott executive with 25 years of experience, as the new CEO.
Under Armour Appoints Stephanie Linnartz as CEO
Under Armour has announced that Stephanie Linnartz will take over as the company's CEO, effective from February 27, 2023. Linnartz, who currently serves as president at Marriott International, brings a wealth of experience in business and leadership to the role.
Linnartz has spent 25 years at Marriott International, where she gained a strong track record of leadership. Her tenure at the hotel giant saw her responsible for leading Marriott's digital transformation, driving scale through continuous brand innovation, and developing a premier sports league and team partnerships.
One of Linnartz's most notable achievements at Marriott was her work in developing partnerships with major sports organizations, including the NFL and the NCAA. This experience in brand building is seen as a significant asset to Under Armour, which is in need of such expertise.
Under Armour has been experiencing some challenges lately, with revenue growth of only 1.8% in November and North American revenue down more than 2%. The company plans to focus on the 16-20 years old team sports athlete, prioritize better and best price points, expand into lifestyle products, and roll out a loyalty program in North America in 2023. These initiatives are at an early stage but are expected to be a focus under new CEO Stephanie Linnartz in FY24.
Telsey analysts expect Under Armour to continue executing against its strategic plan and don't see a big near-term change in strategy. They believe that Linnartz's experience could be beneficial to Under Armour, particularly in the areas of digital sales and customer loyalty.
Linnartz's appointment as CEO brings with it a base salary of $1.3 million. Colin Browne, who has served as interim CEO since Patrik Frisk stepped down in June, will resume his position as chief operating officer.
Under Armour's founder, Kevin Plank, praised Linnartz as a "proven growth leader" with a distinguished track record. Telsey Advisory Group analysts also believe that Linnartz's experience in strategy, finance, sales, marketing, and technology could help regain investor confidence in Under Armour's strategy and business model.
Linnartz is also a member of The Home Depot's board of directors, further demonstrating her expertise in business leadership. As Under Armour's new CEO, Linnartz is poised to lead the company through a new era of growth and success.
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