Under Armour : Featured Company News - Under Armour Announces New Chief Operating Officer; Patrik Frisk to be New President and COO
Research Desk Line-up: Vince Holding Post Earnings CoverageLONDON, UK / ACCESSWIRE / June 29, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Under Armour Inc. (NYSE: UA), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=UA. The Company announced on June 27, 2017, that Patrik Frisk will become the Company's President and Chief Operating Officer (COO), effective July 10, 2017. The Company additionally announced strategic executive changes, in-line with Frisk's appointment, to align its organizational structure to better leverage its digital business, and support the movement towards category management and drive greater operational efficiency across the leadership of the Company. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The New COO
Mr. Frisk will assume the role of President and COO of the Company, taking on the responsibility of Under Armour's go-to-market strategy and the execution of its long-term growth plan. According to the Company, Frisk holds exceptional expertise in brand building and driving a proven and disciplined record of growth while delivering profitability and efficiency. His presence will be instrumental to the Company's works to transform its business model to deliver long-term value for its consumers and shareholders.
Mr. Frisk holds about 30 years of experience in the apparel, footwear, and retail industry. Quite recently, he was the CEO of The Aldo Group, a global footwear and accessories Company. Prior to that, he worked with VF Corporation for over 10 years, where he served as the Coalition President of Outdoor Americas with responsibility for The North Face®, Timberland®, JanSport®, lucy®, and SmartWool® brands. Prior to that, he was the President of the Timberland brand. Initially, before his stint at the VF Corporation, he ran his own retail business in Scandivania and held senior positions with Peak Performance and W.L. Gore & Associates.
Other Management Changes
The Company announced other management changes on June 27, 2017, including, Paul Fipps being named Chief Technology Officer with the duty of overseeing all aspects of engineering that support the Company's multiple web and mobile applications, and its information technology and real estate functions. Colin Browne has been named Chief Supply Chain Officer, with the responsibility for all global operations related to product sourcing and logistics.
Under Armor, in the recent financial year, has undergone major corporate changes, where it announced Clay Dean as the Chief Innovation Officer on March 13, 2017. Mr. Dean assumed the responsibility of driving Under Armour's global vision and strategy for innovation, and cross-functional collaboration with its internal Design, Marketing, Product and Category Management teams.
Prior to the announcement, on January 17, 2017, the Company announced that Lance Allega would be the Company's Vice President of Investor Relations. Under his role, Mr. Allega assumed the duty of communicating Under Armour's growth strategy, financial performance, operating model, and key business metrics.
These leadership announcements are viewed as a step to streamline the organizational structure of the Company and to execute transformative steps focused on a sharper, consumer-led approach and go-to-market strategy, through the category management lens.
Last Close Stock Review
On Wednesday, June 28, 2017, the stock closed the trading session at $20.00, marginally up 0.50% from its previous closing price of $19.90. A total volume of 2.46 million shares have exchanged hands. Under Armour's stock price surged 11.05% in the last one month and 6.16% in the past three months. The stock is trading at a PE ratio of 50.51.
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