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.
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