"I won't be buying their stuff anymore. With de facto stock split, Under Armour ensures founder Kevin Plank will keep his grip on the apparel company. Under Armour CEO Kevin Plank is a close friend of MSNBC anchor Stephanie Ruhle. [34] There are about 100 horses on Sagamore farm, with about 40 actively training as of July 2017. In the mid 1990s he sold his first shirts from his grandmother's basement, exaggerating to early customers to make the company sound bigger. Wayfair Huge Deal-A-Thon - Up to 60% off everything! [17] He also asked his former teammates to try on the shirts, claiming that his alternative to a cotton T-shirt would enhance their performance on the field. The fallout was swift: "In this case, perception is reality. "Immediately after the interview aired, tweets with #boycottUnderArmour started to appear, citing Plank's comments. Plank spent hours in one-on-one conversations to try to persuade those employees. [1] [2] [3] A member of the Republican Party , he served as House Minority Leader from 2019 to 2023 and as House Majority Leader from 2014 to 2019 under speakers . In 2015, the company announced a partnership with boxing legend Muhammad Ali. "It's a two-way street," he said. [59] Additionally, he publicly opposed President Trump's decision to withdraw from the Paris Accord[60] and was among the Fortune 500 CEOs to sign a pledge to promote workplace diversity and inclusion. Following a 1999 in-ring accident which left Drozdov quadriplegic, Plank personally financed his customized wheelchair. 16 on 50 Most Influential People in Sports Business by, No. In a statement, Plank said, After twenty-four incredible years, I have decided that now is the right time to transition Under Armours leadership to a new generation.. [3][6] He left the prestigious Georgetown Preparatory School, a Catholic school, due to poor academic performance and behavioral issues,[7][8] then went on to graduate from another Catholic school, St. John's College High School, in 1990. In an interview with CNBC in April 2017, Plank praised Trumps pro-business agenda, saying that the president was a real asset to the country. You may opt-out by. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. Sources said Schmidt was instrumental in recommending Plank join one of President Trumps economic councils in 2017, which turned out to be a public-relations fiasco for Under Armour. To revisit this article, select My Account, thenView saved stories, At a time when even a perceived relationship with Donald Trump can swiftly become a PR nightmare for a brand, Under Armour's CEO Kevin Plank has decided to endorse the President outright. Plank is a former football player who spent his . As of January 1, 2020, current COO Patrik Frisk will become CEO. In the week since Plank praisedthe president,three of Under Armour's biggest celebrity endorsers have publicly criticized his comments; Plank took out a full page ad in theBaltimore Sunto reiterateUnder Armour's values; and on Wednesday, Under Armour found itself the subject of a stock downgradethat cited Plank's statements among the top negative drivers for the company. According to the Maryland State Board of Elections, Plank is a registered Republican. Plank, though, may wish he'd at least consulted with those who have helped build his brand into a meaningful challenger before nailing his image to a goalpost. He started Under Armour in 1996 in the basement of his grandmothers home with $15,000 and $40,000 in cash. Curry made his concerns heard as well. In addition to sitting on the University's Board of Trustees, he played an integral role in the development of an endowment fund that the Dingman Center uses to invest in viable startup businesses. "Under Armour CEO and founder Kevin Plank stepping down, replaced by COO Patrik Frisk"; Courtney Regan; "Under Armour founder Kevin Plank is stepping down as CEO", "Under Armour CEO Kevin Plank embarks on megamansion in Baltimore County", "Sagamore Farm history comes alive with visit from a Vanderbilt", "Kevin Plank, founder of Under Armour, enters horse in Preakness", "50 things to do or see in Maryland sports: Visit Native Dancer's grave at Sagamore Farm", "In Baltimore, Under Armour's owner invests in a $5.5 billion bet on his city", "Remaking Baltimore's waterfront, with a splash of whiskey", "Plank's Sagamore Development plans start-up hub in Port Covington", "Sagamore Spirit debuts its distillery in Port Covington", "Under Armour's Kevin Plank enters the whiskey wars", "Historic Recreation Pier reopens as Sagamore Pendry Hotel", "Sagamore unveils first new Baltimore water taxi, a historic Chesapeake throwback", "Kevin Plank donates $1 million to Baltimore's CollegeBound Foundation", "Kevin Plank's foundation funds summer jobs for Cherry Hill students", "Greater Baltimore Committee backs Port Covington TIF", "Transportation workforce development to be top priorities for Greater Washington Partnership", "Kevin Plank, Living Classrooms Foundation unveil UA House in East Baltimore", "Under Armour re-imagines a community center in East Baltimore", "Kevin Plank's Cupid's Cup picks College Park startup for top prize", "Plank giving $25 million for UM athletic, academic project", "Under Armour's Kevin Plank gives $16 million to high school alma mater", "The Most Expensive House in Washington D.C. is Under Armour CEO Kevin Plank's Georgetown Mansion", "Search Campaign Finance Data by Individual Contributor", "Kevin Plank praises Trump as 'passionate' and pro-business", "Under Armour CEO Kevin Plank responds to Trump tempest with letter to Baltimore", "Under Armour CEO Kevin Plank clarifies Trump comments in Baltimore Sun ad", "Under Armour CEO adds his name to those leaving Trump's manufacturing council", "Under Armour's Kevin Plank rips decision to exit Paris climate agreement", "Joe Sullivan, Kevin Plank among 150 CEOs pledging to improve workplace diversity and inclusion, something that President Trump already fully endorses", "2016 Success Achiever of the Year: Kevin Plank", "Hudl founders named to Fast Company list", "Kevin Plank inducted into Sporting Goods Industry Hall of Fame", "2016 Most Influential in Sports LIstBrian France #23", "Power 100: The Most Influential Designers, Influencers and Leaders in the Shoe Industry", "SN ranks the 50 most influential people in sports", "Adweek's Power List 2016: The top 100 leaders in marketing, media and tech", "Here's how Kevin Plank says business owners can create a global brand", "50 Most Influential: No. Kevin Plank, a Georgetown Prep graduate, was expelled from the school after he was involved in an alcohol-filled fight. [11] Under Armour's first shirt was the #0037, which Plank sold from his car. [2], Plank married Desiree Guerzon, in 2003. Kevin Plank at the 2015 FN Achievement Awards. Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business. I'm not quite sure what Plank imagined he was getting Under Armour into when he took his seat on Trump's American Manufacturing Council, but I can't believe he really is so dim that he thought it. You dont need to look beyond Trumps Twitter account on Monday to see why. The panel, focused on developing innovative ways to support American manufacturing, includes top executives from Ford Motor Co., Dell Technologies and Johnson & Johnson. This is the core of our company. [16], Plank initially ran the business from his grandmother's townhouse in Georgetown. As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. Tired of changing his perspiration-soaked cotton t-shirts . All Rights Reserved. All rights reserved. During the interview, Plank raised concerns about the possible "border tax" Trump has floated. Denouncements from its own popular athletes (and their fan followings) over Planks stance on Trump has likely done little to sway shoppers. "But Mr. Plank has a company to run, and it sounds like that's what he's doing so I'd encourage investors to focus more on the fundamentals of the business and less on short-lived events such as these. Thanks for contacting us. Grandstanders should not have gone on. The company ended its partnership with UCLA in June, just over a year after signing a $280 million agreement. We believe in advocating for fair trade, an inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country, and tax reform that drives hiring to help create new jobs globally, across America and in Baltimore. Hillary Clinton won 60 percent of the vote statewide, and she trounced Trump in Baltimore County and City. But it's likely the effect won't linger, he said. Shares of Under Armour opened for Wednesday trading in negative territory but turned positive mid-morning; the stock is currently up 0.2%. The company announced on October 22 that Kevin Plank would be stepping down as CEO after 23 years. Kevin Plank and Under Armour. Shortly after the president took office, Plank joined his White House Manufacturing Jobs Initiative in an advisory role. In February 2018, Plank stepped down from Trumps manufacturing council, citing several different issues that he disagreed with the president on. Exploring The Possibilities Of Powered Rails: Fly High Into The Sky! President Donald Trump walks into the Roosevelt Room for a meeting with business leaders, including [+] Under Armour CEO Kevin Plank (center). Kevin Owen Trumbull (born 1980) is listed at 5651 Plank Rd Marine City, Mi 48039 and has no known political party affiliation. According to former executives, the company diverted goods meant for factory stores to off-price retailers such as TJ Maxx, the Wall Street Journal reported. [48] Through his Cupid Foundation, Plank donated $5 million to help create the UA House at Fayette, an East Baltimore community center run by Living Classrooms. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. investment. He will join the board, while Plank transitions to executive chairman and brand chief. To revisit this article, visit My Profile, thenView saved stories. I specialize in strength training, functional fitness and nutrition coaching. "Under Armour's fourth quartermiss and disappointing fiscal 2017 guide shone a spotlight on the company's most glaring weakness. Company CEOs are making calculated decisions about the risk of appearing to side for or against the president in a polarized political climate. Last summer, the company cut ties with a sponsored hunter whose husband had videoed himself spearing a baited bear in Canada.While animal advocates deplored the hunt, many in the hunting community took issue with Under Armour's decision to no longer sponsor the hunter.Politics may prove much more polarizing. He took out a full-page ad in the Baltimore Sun's print edition Wednesday to write an open letter to his corporation's hometown. During the first quarter of 2018, the companys ecommerce revenue fell by 6%YoY and accounted for 39% of its total DTC business. He is a male registered to vote in St Clair County, Michigan. [1], Plank, a Roman Catholic,[2] grew up in Kensington, Maryland, a suburb of Washington D.C., the youngest of five brothers born to William and Jayne (ne Harper) Plank. Remember, Plank recently joined a council alongside Tesla's Elon Musk and others to work with Trump on increasing manufacturing jobs in the United States. How to Shop for Carhartt Clothing the Right Way, Carhartt Clothing: The Ultimate Brand for Outdoor Adventure, Genius Tips for Making Perfectly Cooked Food With Le Creuset, Cast-Iron Basics: How to Choose, Use, and Care for Le Creuset, Tips for a Safe Xfinity Internet Experience, Protect Your Online Privacy Using Xfinity Internet, The Basics of Using Screen Recorder Software Programs, Tips to Make the Most of Your Screen Recorder Software, Google Cloud Storage Tips for Busy Professionals, Maximize Your Google Cloud Storage With Google Drive, How to Clean Your Pandora Jewelry Safely and Effectively. For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first womens collection made in our hometown of Baltimore, MD. founder said he views President Trump as a "real asset" to his company, going on to say, "He wants to build things. "Curry told the newspaper that he welcomed Under Armour's statement Wednesday, saying it represented the company he knows and stands with.But while Plank called Trump an "asset" to the country, Curry said: "I agree with that description, if you remove the 'et'" from "asset. Im committed to making sure every client I work with gets the best results possible. [23] A few years later, some of these acquisitions would be divested by the next CEO. [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. 2023 Forbes Media LLC. Under Armour founder Kevin Plank built a popular sportswear brand as the underdog competitor to Nike. [12] As of February 2018, Forbes estimated his net worth at US$1.8 billion. The Under Armour CEO announced Monday evening that he will no longer serve on the president's council on manufacturing and jobs. 23 on 50 Most Influential People in Sports by, No. [18] In 1996, Plank finished his first year selling shirts with $17,000 in sales. We are against a travel ban and believe that immigration Kevin Plank allowed momentarily that a whiskey business may not be the most obvious offshoot of a sportswear company. [53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school. Im a certified personal trainer with over 10 years of experience. (Paramount) Since 2003, Plank has been married to Desiree Guerzon, and they have two children together in Lutherville, Maryland. Then a Wall Street analyst downgraded the company. Under Armour announced today that Kevin Plank, who founded the company in 1996, is stepping down from his CEO role in January and will remain as . Both Plank and her have traveled on his private jet, and she has offered him advice on business matters. Under Armour is a national business, and how the CEOs political views gel with his home states arent everything on their own. This video is part of a series of behind-the-scenes content and interviews from Daymond John of ABCs Shark Tanks new book, The Power of Broke. [21][22][23] Many long-term employees questioned Plank's strategy and whether the company would produce a return on their investment. Both Nike And Under Armours CEOs Are Stepping Down: Is This The End Of The Imperial And Untouchable CEO? . And I personally believe that immigration is the foundation of our country's exceptionalism.". As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. He started his business there and still runs it in Maryland today. Costner earned some criticism for his political views, but that wasnt a chief concern for him. [55] On CNBC's Halftime Report in February 2017, Plank commented on Donald Trump's pro-business philosophy, saying the president was a "real asset" to the business community. He started Under Armour while still in college. Call 1-800-GAMBLER. Under Armour Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. "A boycott made little sense, Kennedy added. This time, though, he had the cover of other CEOs hitting the eject button. "You know, I think a lot of people bet against Tom Brady the other night, too," he said. Plank would remain as Executive Chairman and Brand Chief. I'm not going to stop using a good quality product just because they don't have the same views I have. [11][3] Frustrated by his cotton T-shirts' inability to keep him dry and comfortable, he searched for a material that would wick the sweat from his body. A $10 million donation from Baltimore-based business magnate and philanthropist, philanthropist, and Under Armour executive Kevin Plank, announced on Monday, will be used to support CollegeBound. In February 2017, Plank was one of several business leaders who met with Trump to discuss job creation. In August, Costner wore a pro-Cheney shirt that the Republican lawmaker shared in an Instagram post, saying the Hollywood star was putting country over party.. ". That's only heightened in terms of importance as the country has become more divided in political views. [49], Plank has been a long-time supporter of the University of Maryland's Robert H. Smith School of Business and Dingman Center for Entrepreneurship. FORTUNE may receive compensation for some links to products and services on this website. Under Armour announced a turnaround plan in December that will improve womens offerings while also focusing on the wants of the consumer. This is a BETA experience. Im excited to help you take your fitness to the next level! Plank is in hot water over comments he made praising the president. Costner said he wouldn't run for office, unlike his character on the show. It is imperative to me that my partners and sponsors share this belief.". Kevin Plank was recently invited at the request of the President of the United States, to join the American Manufacturing Council as part of a distinguished group of business leaders. "[I]tis exceptionally difficult to create the cool factor that will drive lifestyle sales; it must happen organically.". But spark a firestorm he did. I'm a big fan of people that operate in the world of 'publish and iterate' versus 'think, think, think, think, think', so there's a lot that I respect there. Under Armours Billionaire Founder Kevin Plank Steps Down After Over Two Decades At The Helm, Tesla Alum's $1 Billion Business; Uber Laying Off 400 Employees; Airbnb Host Evicted And Ordered To Pay $123,000, Kevin Plank, Wilbur Ross & More: The 26 People Who Dropped Off The Forbes 400, Under Armour's Kevin Plank And Intel's Brian Krzanich Follow Ken Frazier And Quit President Trump's Manufacturing Council, Kevin Plank's Trump Praise Leads To A Downgrade For Under Armour Stock, How Under Armour CEO Kevin Plank Went From College Fullback To Billion Dollar Boss, Under Armour Follows Google Playbook To Keep Billionaire Kevin Plank In Control, Under Armour's Kevin Plank Is The Billionaire Underdog, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Training as of July 2017 February 2017, Plank finished his first year selling with., I think a lot of People bet against Tom Brady the other night, too ''! 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