Previously, Patrik Frisk was Managing Director of the Canadian shoe and leather goods distributor The Aldo Group. Before that he worked for the outdoor consortium VF Corporation and was, among other things, President of Timberland.
With the appointment of outdoor specialist Frisk, Under Armour wants to improve the organization of its company. The aim is to turn “a great brand with good organization into a great brand with great organization”, said CEO Kevin Plank.
After having to report a quarterly loss and experiencing a fall in stock prices for the first time in April, Under Armour wants to achieve sustainable growth and increasingly reach out to customers through digital channels.
The Baltimore-based company has therefore appointed new executives and reconfigured its structure:
The number of managers reporting directly to Under Armour boss, Kevin Plank, decreases from ten to six as a result of the restructuring. Patrik Frisk (COO), Paul Fipps (CTO), Kip Fulks (Strategic Consultant), Kerry Chandler (Chief Human Resources Officer), John Stanton (Senior Vice President) and David Bergman (Chief Financial Officer).
Analysts see it as a positive sign that Kevin Plank has decentralized the decision-making power of the company he founded.