How Resigning as the CEO of Under Armor will Allow Kevin Plank to Focus on Re-designing the Brand
Kevin Plank is the primary founder and CEO of the Under Armour brand, which launched in 1996. However, he stated that he was stepping down from his role as the CEO, and handing over the task to the current chief operating officer, Patrick Frisk. Kevin Plank will still play a significant role as the executive chairman despite his resignation as the CEO of the sportswear brand. Frisk will take oversee all the tasks as the CEO of the company, while Plank will focus on marketing the company’s products. Kevin’s resignation as the CEO of the sportswear brand he built from scratch shows how the roles of a founder changes as the company expand.
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A study by Harvard Business Review recapping how CEOs manage their time states that they can’t influence decisions in a company directly. However, CEOs need to develop structures and processes that allow other people to make the right choices. Kevin Plank required to resign as the CEO of Under Armor because the role did not let him to directly handle the creative work at the company because of its time-consuming and challenging nature. Kevin’s sportswear brand made its debut in his grandmother’s house, where he sought the help of a local tailor to help design the first set of undershirts. Currently, the sportswear brand makes over $5billion in annual sales. Since it began expanding into international scenes, Kevin Plank realized that he did not have time to shape its products and design the sportswear image directly.
Kevin Plank believes that Under Armor Company requires a significant change in the designing sector. The company has been facing a significant decline in terms of sales from North America, one of its largest markets. Thus, the company needs to allow Plank to step down as the CEO and let him get the company back on track. He believes the move will give more freedom and will enable him to focus on handling more significant tasks. Patrick Frisk has played a substantial role in the running of Kevin Plank’s sportswear brand, and therefore, he is the best replacement for Plank as the CEO of the company.
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