Under Armour stated Wednesday that it has employed Marriott International President Stephanie Linnartz to be its subsequent CEO, capping off a seven-month hunt for a brand new boss that the corporate hopes will develop its digital business.
Linnartz, who has been with Marriott since 1997, was considered one of 60 candidates thought of for the position. While athletic attire is an enormous leap from the hospitality business, she was chosen for her digital prowess and success in reworking the lodge chain’s on-line presence, Under Armour founder and Executive Chairman Kevin Plank instructed CNBC.
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“She’s really a learner,” Plank stated. “She’s got that intellectual curiosity and she’s coming in with the point-of-view as a pro.” He stated the corporate is leaning into its priorities of “digitization, product and brand” after a transition interval of 5 or 6 years.
Linnartz, who began as a monetary analyst at Marriott in 1997, will begin her new job on Feb. 27.
Colin Browne has been serving as interim CEO since June after Under Armour’s earlier high govt, Patrik Frisk, unexpectedly resigned in May. Browne will resume his place as chief working officer, the corporate stated in a news launch.
Plank stated the corporate is not in search of a significant change in path and that it “really” likes the technique presently in place, however he acknowledged the model is “not growing as much as we want.”
Under Armour has been looking for to construct out its e-commerce operations, increase earnings and compete with rival manufacturers Nike and Lululemon because it struggles with low margins, expensive litigation and a slashed fiscal yr outlook.
The firm is banking on Linnartz’s expertise main Marriott’s multibillion-dollar digital transformation to speed up Under Armour’s on-line initiatives.
Under Armor’s new CEO Stephanie Linnartz
Courtesy: Under Armour
During her tenure at Marriott, Linnartz grew its Bonvoy loyalty program to 173 million members and delved into the sports activities world when she developed multi-year partnerships with the NFL, the NCAA and the Mercedes-AMG PETRONAS F1 Team.
In a launch Wednesday, Marriott CEO Anthony Capuano praised Linnartz as an “incredible executive.” She will go away the corporate Feb. 24, three days earlier than she begins at Under Armour.
“It has been one of the most significant and best experiences of my life to build a career at Marriott,” Linnartz stated within the launch.
She can also be a member of Home Depot’s board of administrators. She will be capable to convey that retail background and perception to the place, Plank stated.
Plank stated he’ll stay as model chief and govt chairman, and can proceed to be “involved in the business in an important way.”
“It will be a partnership. She and I will be partners. We’re not hiding from that,” stated Plank.
Under Armour started with humble roots in 1996. Plank, a former soccer participant, developed the prototype for the model’s signature moisture wicking shirt whereas a pupil on the University of Maryland and later perfected his designs out of his grandmother’s basement in Georgetown.
By 2005, he took the Baltimore-based firm public and on its first day of buying and selling, its worth doubled.
Five years later, Under Armour had quadrupled its revenues and surpassed $1 billion.
Most not too long ago, the corporate reported $1.57 billion in gross sales of their fiscal second quarter, up 2% from the prior yr, together with a web revenue of $87 million.