Under Armour's chairman and CEO Kevin Plank will step down as CEO in January of next year, Under Armour officials announced Tuesday.
Plank has worked as the chairman and CEO since he founded the company in 1996. Plank will be passing the reins to President and COO Patrik Frisk.
After stepping down, Plank will become the executive chairman and brand chief and will continue to lead Under Armour's board of directors while "focusing on product elevation, amplifying the brand story and stewarding the company's strong team culture," company officials said in a press release.
"Our multi-year transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour's next CEO," Plank said in the release. "As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation."
Frisk joined the Under Armour staff in 2017 following roughly 30 years in the apparel industry, officials said.
"I joined Under Armour to be part of an iconic brand that demonstrated the power of sport and premium experience when properly harnessed, is capable of unlimited possibilities," Frisk said in the release. "Today, I am even more resolute in this conviction."
Frisk will take over as the CEO of Under Armour effective Jan. 1, 2020.