Under Armour Inc. announced Wednesday that Patrik Frisk will step down as president, chief executive officer and member of the board of directors effective June 1, 2022.

Colin Browne, the company’s current chief operating officer, has been appointed as temporary president and CEO while the board of directors begins a search for a permanent replacement. To facilitate the transition, Frisk will remain with Under Armour as a consultant until September 1.

«Under Armour is evolving to meet the needs of our athletes around the world. As we transition, we are committed to identifying additional opportunities to drive greater profitability for our shareholders and deliver for athletes, partners and colleagues,» said Kevin Plank, Under Armour’s founder, executive chairman and chief brand officer.

«We have before us a great opportunity. I look forward to working closely with the board of directors during the search process to find our next leader to lead us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it,» he added.

Earlier this month, Under Armour’s stock fell more than 23% after the company posted a staggering loss and lackluster sales in the first three months of the year.

Frisk first joined Under Armour in 2017 and helped craft its long-term strategic plan, which underscored its commitment to sports performance. Under his leadership, the company delivered industry-leading products, deepened consumer and customer relationships and advanced its purpose, vision, mission and values.

«It has been the greatest privilege of my career to serve the athletes, customers, shareholders and colleagues of Under Armour. I am extremely proud of what we have accomplished as a team,» said Frisk.

«Together we have done tremendous work to strengthen this iconic brand while significantly consolidating its operations. Colin has a deep understanding of Under Armour’s business and our industry. I have every confidence that his stewardship will enable a smooth transition,» he added.

Since joining the company in 2016, Browne is credited with modernizing Under Armour’s digital marketing strategy and direct-to-consumer model, as well as transforming its supply chain organization. Browne has also been an integral part of the company’s successful transformation and instrumental in navigating the global supply challenges caused by the pandemic.

As COO since 2020, Browne leads supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy and distribution capabilities.