Under Armour names Marriott’s Stephanie Linnartz as next CEO

Bloomberg

Under Armour Inc picked Marriott International Inc’s Stephanie Linnartz to be the sportswear company’s new chief executive officer. She’ll be tasked with reigniting growth.
Linnartz, a 25-year veteran of Marriott who currently serves as the hotel chain’s president, will take over at Under Armour on February 27, according to a statement. She will succeed Patrik Frisk, who stepped down from the CEO position in May after two years.
Under Armour’s interim CEO, Colin Browne, will resume his position as chief operating officer when Linnartz comes on board.
Under Armour shares briefly rose as much as 4.1% in extended trading before erasing gains.
The new leader comes in as Under Armour and other apparel makers grapple with bloated inventories — and the resulting markdowns which have dented profitability. The unpredictability of consumer demand amid the pandemic, coupled with longer freight times and shipping disruptions, have made it difficult for companies including Under Armour to get their stocking levels right.
Even so, demand has held up despite stubbornly high inflation that has eroded many
shoppers’ purchasing power. Revenue in the company’s latest quarter rose 2%, beating analyst estimates.
Linnartz “could help the company accelerate its digital and loyalty strategies, given her experience in those areas,” Bloomberg Intelligence analyst Poonam Goyal said.