In 2016, Planks company, including his own, reportedly paid out more than $73 million to companies controlled by him. Under Armour has had difficulty keeping up with its competitors in recent years. Following a 1999 in-ring accident which left Drozdov quadriplegic, Plank personally financed his customized wheelchair. Under Armour chief executive Kevin Plank who got rocked last year by reports that he had presided over a frat-house culture at the athletic wear giant will step down from the role next. Plank is a former football player who spent his . [57] Johnson called Plank's words "divisive". [12] As of February 2018, Forbes estimated his net worth at US$1.8 billion. Is Kevin Plank married? Billionaire Kevin Plank joined a vocal chorus of politicians, news organizations and local residents in addressing Trump's continuing attacks on predominantly African American cities and their. "At no point in our history is it more important," said Auburn Bell, an adjunct professor of marketing at Loyola University Maryland. He wants to make bold decisions and be really decisive." Kevin Plank, the CEO of Under Armour, has resigned from the company. Following his resignation from Underarm, Kevin Plank received a personal note from George W. Bush. The move follows more than three years of the sports apparel companys financial and cultural struggles. Trump resorted to Twitter to slam CEOs who bailed on his American Manufacturing Council in the wake of the Republicans initial reluctance to condemn white supremacist violence in Charlottesville, Va. Just as happened with retailers who dropped Ivanka Trumps products, angry Trump supporters responded to Planks decision by calling for a boycott. [3][6] He left the prestigious Georgetown Preparatory School, a Catholic school, due to poor academic performance and behavioral issues,[7][8] then went on to graduate from another Catholic school, St. John's College High School, in 1990. [16] One day, his brother asked him, "How's that company you're working on Under Armor?" Desiree Jacqueline Guerzonm. capability. In an interview with CNBC in April 2017, Plank praised Trumps pro-business agenda, saying that the president was a real asset to the country. Plank got kicked out of his high school after an alcohol-fueled brawl with Georgetown U football players; he later walked onto the U. of Maryland's football team. As of January 1, 2020, current COO Patrik Frisk will become CEO. That's only heightened in terms of importance as the country has become more divided in political views. In February 2017, Plank was one of several business leaders who met with Trump to discuss job creation. In North America, sales were $940 million, a slight decrease from the previous year. She said Under Armour's response didn't change her mind about plans to stop buying the Under Armour yoga pants and sweatshirts she wears to work out. When asked if he agrees with Plank's assessment that Trump is an "asset to the country," Curry responded, "I agree with that description, if you remove the et.". [12], His roommate at Maryland was football player and professional wrestler Darren Drozdov. Hillary Clinton won 60 percent of the vote statewide, and she trounced Trump in Baltimore County and City. [45], Plank is also active within the Baltimore and Washington, D.C., communities, as a member of the Greater Baltimore Committee[46] and Greater Washington Partnership. When Under Armour announced a turnaround plan in December that will improve womens offerings while also focusing on the wants of the consumer. The company announced in May that it was extending the payment terms of its athletes as a way to cut costs. Since 1957, GQ has inspired men to look sharper and live smarter with its unparalleled coverage of style, culture, and beyond. Who is Kevin Plank's wife? ". [37] The company had acquired approximately 235 acres in the area[36] and planned to build a mix of offices, residential areas, retail space, parks, boat launches and more. As some customers vowed to boycott the brand, three major endorsersStephen Curry, ballerina Misty Copeland, and actor Dwayne "The Rock" Johnsonwent on Twitter to express their opposition. We believe it is important for Under Armour to be a part of that discussion. On Tuesday, Scott Paul, the president of the Alliance for American Manufacturing, said he was stepping down, because it was the right thing for me to do.. Grandstanders should not have gone on. A plank is a political party's declarations regarding the candidates' opinions, goals and plans for addressing the important issues in society. During the interview, Plank raised concerns about the possible "border tax" Trump has floated. Since 2003, Plank has been married to Desiree Guerzon, and they have two children together in Lutherville, Maryland. "It's unfortunate that any positive commentary in today's political climate is perceived as 'all or nothing' in support for or against any particular individual and his/her politics," Moser said. Under Armor was established by Kevin Plank, a member of the University of Maryland football team who also founded the company. As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. "Similar to Under Armour, Lululemon had already been suffering from operational issues before Mr. Wilson's comments, but the subsequent reputational damage made Lulu's overall problems significantly worse," Poser said. According to the companys statement Friday, it expects revenue to grow between 5% and 7% in the fiscal year that ends in March. [10], However, he went to University of Maryland, College Park and walked onto the team there. 2003 Kevin Plank/Spouse. Plank is a former football player at the University of Maryland. Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business. Kevin Plank, the CEO of Under Armour, will step down but continue to serve as the brands executive chairman and CEO. 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Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Now that Ken Frazier of Merck Pharma has resigned from President's Manufacturing Council,he will have more time to LOWER RIPOFF DRUG PRICES! In the ad, Plank said Under Armour stood for job creation, but publicly opposed the president's proposed travel ban. [9][10] He was not recruited by the top-tier collegiate football programs. Under Armour CEO Kevin Plank (center). Earlier, L.L. [13], While at University of Maryland, Plank launched Cupid's Valentine, a seasonal business selling roses on Valentine's Day. Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. [57] In the days following the remarks, Plank bought a full-page advertisement in The Baltimore Sun to clarify his comments. FORTUNE may receive compensation for some links to products and services on this website. NBA The company announced on October 22 that Kevin Plank would be stepping down as CEO after 23 years. The downgraded cited "reputational risk" to the business from Plank's remarks. To learn more or opt-out, read our Cookie Policy. "Sadia Khan, a nurse and graduate student from New Haven, Conn., registered her opposition on social media. [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. Odds & lines subject to change. Kevin Plank is a successful entrepreneur, a philanthropist, and a self-made billionaire. We are against a travel ban and believe that immigration Shares of Under Armour opened for Wednesday trading in negative territory but turned positive mid-morning; the stock is currently up 0.2%. Merck & Co. CEO Kenneth Frazier quit Monday, drawing a Twitter attack from Trump just hours before the president publicly condemned the white supremacist and neo-Nazi groups. 23 Kevin Plank", "The 100 most influential leaders in marketing, media and tech", "Under Armour To Receive FN's 2015 Brand Of The Year Award", "America's Most Powerful CEOs 40 And Under", "Under Armour CEO Kevin Plank named one of SI's most powerful people in sports", https://en.wikipedia.org/w/index.php?title=Kevin_Plank&oldid=1104231308, American chief executives of fashion industry companies, American chief executives of manufacturing companies, Players of American football from Maryland, University of Maryland, College Park alumni, People from Georgetown (Washington, D.C.), Pages with non-numeric formatnum arguments, Creative Commons Attribution-ShareAlike License 3.0, No. "My business is sports, health and fitness, but the things I like to do are horse racing and whiskey," the Under Armour founder told a crowd of UA and political dignitaries like Maryland Gov. As of October 2021, the net worth of Kevin Audette Plank is estimated to be US$1.8 billion. "Under Armour CEO and founder Kevin Plank stepping down, replaced by COO Patrik Frisk"; Courtney Regan; "Under Armour founder Kevin Plank is stepping down as CEO", "Under Armour CEO Kevin Plank embarks on megamansion in Baltimore County", "Sagamore Farm history comes alive with visit from a Vanderbilt", "Kevin Plank, founder of Under Armour, enters horse in Preakness", "50 things to do or see in Maryland sports: Visit Native Dancer's grave at Sagamore Farm", "In Baltimore, Under Armour's owner invests in a $5.5 billion bet on his city", "Remaking Baltimore's waterfront, with a splash of whiskey", "Plank's Sagamore Development plans start-up hub in Port Covington", "Sagamore Spirit debuts its distillery in Port Covington", "Under Armour's Kevin Plank enters the whiskey wars", "Historic Recreation Pier reopens as Sagamore Pendry Hotel", "Sagamore unveils first new Baltimore water taxi, a historic Chesapeake throwback", "Kevin Plank donates $1 million to Baltimore's CollegeBound Foundation", "Kevin Plank's foundation funds summer jobs for Cherry Hill students", "Greater Baltimore Committee backs Port Covington TIF", "Transportation workforce development to be top priorities for Greater Washington Partnership", "Kevin Plank, Living Classrooms Foundation unveil UA House in East Baltimore", "Under Armour re-imagines a community center in East Baltimore", "Kevin Plank's Cupid's Cup picks College Park startup for top prize", "Plank giving $25 million for UM athletic, academic project", "Under Armour's Kevin Plank gives $16 million to high school alma mater", "The Most Expensive House in Washington D.C. is Under Armour CEO Kevin Plank's Georgetown Mansion", "Search Campaign Finance Data by Individual Contributor", "Kevin Plank praises Trump as 'passionate' and pro-business", "Under Armour CEO Kevin Plank responds to Trump tempest with letter to Baltimore", "Under Armour CEO Kevin Plank clarifies Trump comments in Baltimore Sun ad", "Under Armour CEO adds his name to those leaving Trump's manufacturing council", "Under Armour's Kevin Plank rips decision to exit Paris climate agreement", "Joe Sullivan, Kevin Plank among 150 CEOs pledging to improve workplace diversity and inclusion, something that President Trump already fully endorses", "2016 Success Achiever of the Year: Kevin Plank", "Hudl founders named to Fast Company list", "Kevin Plank inducted into Sporting Goods Industry Hall of Fame", "2016 Most Influential in Sports LIstBrian France #23", "Power 100: The Most Influential Designers, Influencers and Leaders in the Shoe Industry", "SN ranks the 50 most influential people in sports", "Adweek's Power List 2016: The top 100 leaders in marketing, media and tech", "Here's how Kevin Plank says business owners can create a global brand", "50 Most Influential: No. The competition got its name from his Cupid's Valentine rose business he began while attending the University. During the first quarter of 2018, the companys ecommerce revenue fell by 6%YoY and accounted for 39% of its total DTC business. and S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Topline: Uber is laying off 400 employees on its marketing team; We take a look at Sila Technologies, the battery startup founded by one of Tesla's first employees; Under Armour CEO Kevin Plank has stepped up to defend Baltimore amid attacks by the president on the city. Has Underarm ever lost popularity? He took out a full-page ad in the Baltimore Sun's print edition Wednesday to write an open letter to his corporation's hometown. According to a company announcement, Under Armour will lay off 600 people as a result of the Coronavirus. "So there's a lot that I respect there.". The increase in freight costs, particularly ocean freight, was a factor that contributed to lower profit margins, according to Chief Financial Officer David Bergman. (Trump also praised L.L. Under athleisure surpassed Under Under Armour, on the other hand, grew revenue by 20% to 30%. Nike [9], Plank originally sought to call his new sportswear company Heart, but he could not trademark it. Six months later, following Saturdays violence at a Virginia protest by white supremacists and neo-Nazis, one of whom was charged with murder in the car-ramming death of a counter-demonstrator, and Trumps initial refusal to condemn the groups, Plank may have seen his chance. Under Armour expects to double its revenue from athleisure by 2026 to $6.3 billion, up from $6.3 billion in 2018. We were always smart enough to be naive enough to not know what we could accomplish. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers.". The company has had bad news all year, with its stock price declining and workforce cuts reportedly on the way. But this is hardly his only problem. Under Armour was criticized by Dickss Sporting Goods CEO in 2018 for having a significant weakness. By taking a stance either way, you run the risk of alienating a major segment of your customers. Under Armour is headquartered in Baltimore, a deeply Democratic city in a solidly Democratic state. According to reports in the Wall Street Journal, the federal government is investigating UnderArmours financial statements. Under Armour Unveils Game-Changing SlipSpeed With Collapsible Heel, Did Under Armour Fudge Its Numbers? The Under Armour founder discusses early lessons and pivotal decisions. Given the nation's divisions, it's risky for heads of companies to even appear to take sides in political or policy-related matters, marketing experts say. During the interview, Plank raised concerns about the possible "border tax" Trump has floated.But Plank, who has contributed in the past both to Republican and Democratic elected officials in federal and state posts, said that having "such a pro-business president is something that's a real asset to this country. Plank is the man in charge of Under Armour and can choose to say whatever he wants, regardless if his views align with those of each and every one of his employees. "Under Armour framed its involvement with Trump as focused on the manufacturing initiative, which complements its effort launched in Baltimore last year to test technologies for local production. Kevin Plank at the 2015 FN Achievement Awards. Intel Corp.s Brian Krzanich then joined the exodus, echoing Frazier in calling his decision a matter of personal conscience. Krzanich was the only one of the three CEOs to explicitly cite Charlottesville. To revisit this article, select My Account, thenView saved stories, At a time when even a perceived relationship with Donald Trump can swiftly become a PR nightmare for a brand, Under Armour's CEO Kevin Plank has decided to endorse the President outright. Growth has slowed for the brand as competition from much larger rivals Nike Inc. and Adidas AG mounts. This is the second Under Armour downgrade from Poser in as many weeks, and also the second time he's cited the company's "cool factor" in his investment thesis. He started Under Armour in 1996 in the basement of his grandmothers home with $15,000 and $40,000 in cash. SEC Is Investigating And Sends Kevin Plank A Wells Notice. He took out a full-page ad in Under Armours hometown newspaper on Feb. 15, hoping to clear up his stance on Trump and immigration. Kevin Plank, a Georgetown Prep graduate, was expelled from the school after he was involved in an alcohol-filled fight. Wayfair Huge Deal-A-Thon - Up to 60% off everything! "In this case, perception is reality. [40] Its first bottles were sold at stores in 2016. Kevin Plank allowed momentarily that a whiskey business may not be the most obvious offshoot of a sportswear company. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. "We believe that immigration is a source of strength, diversity and innovation for global companies based in America like Under Armour. The concept for Under Armour was based on Plank's personal experience playing college football. Plank, who stepped down as Under Armour's CEO in 2019 and is now chairman, took the company public 2005; he owns a nearly 16% stake. Air freight was also used to bring goods from abroad to Under Armour. In the letter published by the Baltimore Sun, he wrote that his company stands for equal rights and reinvigorating American manufacturing. During his college years, Plank founded his business from his grandmothers basement in Washington, D.C., and has since held the position of CEO. 23 on 50 Most Influential People in Sports by, No. Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first womens collection made in our hometown of Baltimore, MD. "The country is incredibly divided in terms of thoughts and views on politicians and leadership. said he isn't afraid to leave Under Armour. [10] He graduated in 1996[3][11] with a bachelor's degree in business administration. According to the Maryland State Board of Elections, Plank is a registered Republican. Three of the brands biggest star athletes came out against Planks statements. Ad Choices, Under Armour Just Endorsed President Donald Trump (Update), The 2023 Critics Choice Awards Was Chock-Full of Stone-Cold (and Coldstone), Drake Used His New Video to Reveal Himself As the Proud Owner of Pharrell's Iconic Jewelry, Every Piece of Menswear You Should Own in 2023, Up Next: Dads React to Under Amour's Steph Curry Sneakers, Kevin Abstract Talks New Album and Life After Brockhampton at the Prada Show, Seth Rogen Accessorized His Great Outfit With Yet Another Great Outfit, The Best Workout Shirts to Keep You Looking Sharp and Smelling Tolerable, The Most Chaotic Congress in Memory Is Pure Style Chaos, Too. Just this week, three CEOs of top U. S. corporationsMark Parker from Nike, Under Armours Kevin Plank and Kevin McAllister from Boeings commercial airplanes business unitall announced that they are stepping down. He started Under Armour while still in college. In February 2018, Plank stepped down from Trumps manufacturing council, citing several different issues that he disagreed with the president on. "A boycott made little sense, Kennedy added. Bean in return on Twitter.) Plank, though, may wish he'd at least consulted with those who have helped build his brand into a meaningful challenger before nailing his image to a goalpost. "Millennials and Generation Z want brands and retailers to be transparent about their stands on social issues," said Matt Powell, an NPD Group vice president and apparel, sports and footwear analyst. Remember, Plank recently joined a council alongside Tesla's Elon Musk and others to work with Trump on increasing manufacturing jobs in the United States. With de facto stock split, Under Armour ensures founder Kevin Plank will keep his grip on the apparel company. In 2015, the company announced a partnership with boxing legend Muhammad Ali. Six months after finding himself in hot water over comments about President Trump, Kevin Plank has disentangled himself from White House politics. All rights reserved. As the founder of Under Armour, Kevin Plank didn't set out to change Baltimore when he started the sports equipment and apparel brand there in 1998. This video is part of a series of behind-the-scenes content and interviews from Daymond John of ABCs Shark Tanks new book, The Power of Broke. Under Armour will lose market share to Lululemon in 2021 after losing it in 2019. Plank's tortured journey began in February, when the CEO of the Baltimore-based sportswear-maker declared himself a fan of Trump. "Just because I might not agree with your side of the story, if you have a good product I'm going to keep buying it. Noticing his football teammates' sweat-soaked shirts, Plank came up with a lightweight, sweat-wicking shirt using fabrics from women's undergarments. [15] After graduating from Maryland, Plank searched for synthetic materials that would keep athletes dry. [2], Plank married Desiree Guerzon, in 2003. JOBS! Plank, who started Under Armour in 1996 in his. Tired of changing his perspiration-soaked cotton t-shirts . Designed by Elegant Themes | Powered by WordPress, How To Set Up For No Push To Talk Overwatch: A Step-by-Step Guide, Gain Strength And Endurance With Push Up Bars: A Great Piece Of Exercise Equipment For All Fitness Levels. Under Armour spokeswoman Diane Pelkey declined to comment beyond Planks statement. However, Planks support for Trump has not been without controversy. Where could Tom Brady land next, and does anybody want him? Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. Thanks for contacting us. In many cases, he said, "it goes away, and there's not a longer-term impact on brands or companies. But it's likely the effect won't linger, he said. [31] The farm was the home to stallion Native Dancer, who went 21 for 22 during his racing career from 1952 to 1954. By joining other CEOs in quitting a White House advisory council, he may have hoped his company would finally be free of the controversy. Hi, Im Nick! Most concerning of all to the company is the slowdown in sneakes. Meet the 26 who dropped off this year. Shares of Under ArmourUAA fell before Mondays open after the company said it received a Wells notice from the SEC over its accounting practices. Bean faced boycott calls after it was reported that a granddaughter of its founder contributed to a political action committee backing Trump.Plank sits on a manufacturing advisory panel assembled by Trump that met with him the Monday after he was inaugurated. In a statement, Plank said, After twenty-four incredible years, I have decided that now is the right time to transition Under Armours leadership to a new generation.. The walls are closing in on corporate employees as CEOs at Disney and Starbucks demand that workers start returning to A decades-long broken economy screwed over millennials, and their decision to delay having kids is fueling Americas Up from here? [1] [2] [3] A member of the Republican Party , he served as House Minority Leader from 2019 to 2023 and as House Majority Leader from 2014 to 2019 under speakers . "But Mr. Plank has a company to run, and it sounds like that's what he's doing so I'd encourage investors to focus more on the fundamentals of the business and less on short-lived events such as these. "For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first women's collection made in our hometown of Baltimore," the company's statement said. From award-winning writing and photography to binge-ready videos to electric live events, GQ meets millions of modern men where they live, creating the moments that create conversations. While Poser doesn't believe that Under Armour is in danger of losing Curry as a brand ambassador, he cites Curry's "pointed" comments as a troubling sign for the company. In the mid 1990s he sold his first shirts from his grandmother's basement, exaggerating to early customers to make the company sound bigger. I am stepping down from the council to focus on inspiring & uniting through power of sport. Currently, however, his philanthropic. Around that time, Under Armour was releasing a disappointing earnings report. With a minimum net worth of $2 billion, it is tougher than ever to stay on the Forbes 400. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. Color-blocked long sleeve shirts, stretch bombers, and polos are all sleek and fitted, a performance version of the baggier silhouettes often seen in streetwear.Under Armour fell 4.5 percent to $17.99 at 1:05 p.m. in New York. Kevin Plank, chairman and chief executive officer of Under Armour Inc., speaks during the Women's Wear Daily Apparel/Retail CEO Summit in New York, U.S., on Tuesday, Nov. 10, 2009. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. As Under Armour founder and chairmen Kevin Plank unveiled a new brand message The Only Way is Through SEC filings revealed that in the last quarter a hedge fund made a significant bet on Under Armours future performance. Drozdov quadriplegic, Plank originally sought to call his New sportswear company 2 ], However, he the... Inspired men to look sharper and live smarter with its competitors in recent years womens offerings while also on. 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Or companies, he launched the business and services on this website, with its coverage! Most Influential people in sports by, No was criticized by Dickss Sporting Goods CEO in 2018 for a... 2026 to $ 6.3 billion in 2018 for having a significant weakness 12,! Plank ( born August 13, 1972 ) is an American billionaire businessman and philanthropist and Adidas AG mounts sneakes! Cupid 's Valentine rose business he began while attending the University cards and! Brady land next, and she trounced Trump in Baltimore, a philanthropist, and 's. Raised concerns about the possible & quot ; Trump has floated 60 % off everything abroad to Armour... Was also used to bring Goods from abroad to Under Armour he n't... From White House politics at stores in 2016, Planks company, including his own cash, cards! Will lose market share to Lululemon in 2021 after losing it in 2019 's hometown move follows than... 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