An exclusive interview with Kevin Plank, Founder and CEO of Under Armour. [5], A turning point for him came late in 1999, when Plank used nearly all of Under Armour's money, and employees agreed to go without pay for a few weeks, so the company could take out a $25,000 advertisement in ESPN The Magazine. We believe it is important for Under Armour to be a part of that discussion. In the mid 1990s he sold his first shirts from his grandmother's basement, exaggerating to early customers to make the company sound bigger. [10] He graduated in 1996[3][11] with a bachelor's degree in business administration. I personally believe that immigration is the foundation of our countrys exceptionalism, wrote Plank. Planks tortured journey began in February, when the CEO of the Baltimore-based sportswear-maker declared himself a fan of Trump. Within 24 hours, the hashtag had been tweeted a little more than 1,500 times, according to Keyhole, a hashtag tracker for Twitter.That's a fraction of the nearly 140,000 #deleteUber tweets that appeared by 3 p.m. Jan. 29 after that social media campaign began the evening before, Keyhole data shows.Still Under Armour sought Wednesday morning to mitigate any fallout by issuing its statement. He was the youngest of five boys born to William and Jayne Plank. The Under Armour CEO announced Monday evening that he will no longer serve on the president's council on manufacturing and jobs. "Millennials and Generation Z want brands and retailers to be transparent about their stands on social issues," said Matt Powell, an NPD Group vice president and apparel, sports and footwear analyst. Tired of changing his perspiration-soaked cotton t-shirts . As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. Under Armour was criticized by Dickss Sporting Goods CEO in 2018 for having a significant weakness. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. I love our country & company. Under Armour eclipsed the $3 billion annual sales mark for the first time last year andovertook Adidas asthe No. 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. "You know, I think a lot of people bet against Tom Brady the other night, too," he said. The company ended its partnership with UCLA in June, just over a year after signing a $280 million agreement. In many cases, he said, "it goes away, and there's not a longer-term impact on brands or companies. The competition got its name from his Cupid's Valentine rose business he began while attending the University. Noticing his football teammates' sweat-soaked shirts, Plank came up with a lightweight, sweat-wicking shirt using fabrics from women's undergarments. "It's a two-way street," he said. 2 athletic apparel brand in the U.S. behind Nike. As some customers vowed to boycott the brand, three major endorsersStephen Curry, ballerina Misty Copeland, and actor Dwayne "The Rock" Johnsonwent on Twitter to express their opposition. We have teammates from different religions, races, nationalities, genders and sexual orientations; different ages, life experiences and opinions. Under Armour will lose market share to Lululemon in 2021 after losing it in 2019. "But Under Armour also saw support on social media.Jeff Kennedy, a small business owner from Georgia, felt compelled to respond to the barrage of comments berating Plank, tweeting his appreciation of Plank's support of pro-business policies and vowing to buy more Under Armour stock and clothing.Kennedy said he wanted to stand up for those business owners who are afraid to speak up and risk losing business. In the ad, Plank said Under Armour stood for job creation, but publicly opposed the president's proposed travel ban. First, Under Armour CEO Kevin Plank ResignsNow, The Company Is Under Investigation By The Justice Department And SEC, The Under Armour Troubles That Preceded Kevin Plank Stepping Down. Im excited to help you take your fitness to the next level! This time, though, he had the cover of other CEOs hitting the eject button. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. Just hours before the Idaho slayings, another grisly scene unfolded outside Bryan Kohberger's window, Polar bear kills woman, boy in remote Alaska village, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, Sunny skies, cool temps expected for most of SoCal on Wednesday, North Atlantic right whale is "likely to die" after becoming entangled, NOAA says. In the sweltering Mid-Atlantic summer heat of 1995, Kevin Plank helped lead his teammates through grueling two-a-day workouts as special teams captain for the University of Maryland football program. Wayfair Huge Deal-A-Thon - Up to 60% off everything! Nike It was not to be. The Under Armour founder discusses early lessons and pivotal decisions. Given the nation's divisions, it's risky for heads of companies to even appear to take sides in political or policy-related matters, marketing experts say. Plank, who stepped down as Under Armour's CEO in 2019 and is now chairman, took the company public 2005; he owns a nearly 16% stake. We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders. Follow this author to stay notified about their latest stories. Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. According to Forbes, he had a net worth of US$18 billion as of February 2021. [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. [18] In 1996, Plank finished his first year selling shirts with $17,000 in sales. In 2021, Plank's net worth was estimated to be around US$1.8 billion. 16 on 50 Most Influential People in Sports Business by, No. Put simply, Under Armour has been unable to establish itself as a cool street brand. [3] They have two children,[3] and live in Lutherville, Maryland. He started his business there and still runs it in Maryland today. Armour and Kevin Plank are for job creation and American manufacturing 8 What are the planks of a political party? As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. According to the companys statement Friday, it expects revenue to grow between 5% and 7% in the fiscal year that ends in March. Tired of changing his sweat-soaked cotton T-shirts over and over again throughout the . Plank, who has been chief executive since he founded the company in 1996, will relinquish the helm at the beginning of next year. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers.". Who is Kevin Plank's wife? Kevin Plank, a Georgetown Prep graduate, was expelled from the school after he was involved in an alcohol-filled fight. Just because you lose doesnt mean youre done; it doesnt mean youre even wrong, said Costner. 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 . I write about women who run companies, countries and currencies. Under Armour announced a turnaround plan in December that will improve womens offerings while also focusing on the wants of the consumer. [56] Plank's comments drew criticism on social media. Well see how UAs does on Tuesday. News anchor Stephanie Ruhle isn't the only MSNBC personality with cozy ties to Under Armour CEO Kevin Plank, The Post has learned. Planks are used to clearly define a party platform, and they help voters have an idea of how issues would be resolved if the party or candidate were elected. Hillary Clinton won 60 percent of the vote statewide, and she trounced Trump in Baltimore County and City. Just as looking too close to Trump isnt good, Plank and his communications team likely dont want to look too opposed, either. [47] He is also a member of the Board of Trustees for Living Classrooms, a Baltimore-Washington based non-profit organization dedicated to the hands-on education of young people using urban, natural and maritime environments as living classrooms". Donald J. Trump (@realDonaldTrump) August 15, 2017. We have reached out to the brand with some follow-up questions and will update this post if and when they reply. " Around that time, Under Armour was releasing a disappointing earnings report. Is Kevin Plank married? We were always smart enough to be naive enough to not know what we could accomplish. The name stuck. [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. Terms & Conditions. "Sadia Khan, a nurse and graduate student from New Haven, Conn., registered her opposition on social media. On some visits, employees charged hundreds of dollars there to the company, the paper reported, citing unnamed sources. . You dont need to look beyond Trumps Twitter account on Monday to see why. [35], Beginning in 2013,[36] Plank's real estate firm, Sagamore Development, was leading a $5.5-billion mixed-use development project in Baltimore's Port Covington area. Earlier, L.L. Basketball superstar Stephen CurryUnder Armours prized sneaker pitchmanmocked Trump and raised the possibility he would sever ties with the company. The former Under Armour CEO is dabbling in politics. Actor Kevin Costner said he was OK with losing fans over his political views, saying he didnt really care how the cookie crumbles when he backed Rep. Liz Cheney (R-Wyo.) In the letter published by the Baltimore Sun, he wrote that his company stands for equal rights and reinvigorating American manufacturing. On July 22, 2020, Under Armour and two top executives - Kevin Plank and David Bergman. [27][28], Plank is a member of the board of trustees for the National Football Foundation. Trump resorted to Twitter to slam CEOs who bailed on his American Manufacturing Council in the wake of the Republicans initial reluctance to condemn white supremacist violence in Charlottesville, Va. Just as happened with retailers who dropped Ivanka Trumps products, angry Trump supporters responded to Planks decision by calling for a boycott. [16] He also attempted to name his company Body Armor, but efforts to trademark that name were also unsuccessful. (Photo by Chip Somodevilla/Getty Images). During the interview, Plank raised concerns about the possible "border tax" Trump has floated. As Under Armour founder and chairmen Kevin Plank unveiled a new brand message The Only Way is Through SEC filings revealed that in the last quarter a hedge fund made a significant bet on Under Armours future performance. He will join the board, while Plank transitions to executive chairman and brand chief. He said they reflect how businesses believe they will benefit from the lower corporate taxes being advocated by Trump. Plank had said in an interview on CNBC that Trump was "an asset to the country." 4. Under Armor saved a reported $50 million after it backed out of its agreement with MLB to supply uniforms in January 2019. And I personally believe that immigration is the foundation of our country's exceptionalism.". Under Bed Bath and Beyond Coupon 20% entire purchase, Target Circle: up to 50% off with Target promo code, Join Michael Kors KORSVIP and receive 10% Off your first purchase using Michael Kors Coupon Code, 2023 Cond Nast. With a minimum net worth of $2 billion, it is tougher than ever to stay on the Forbes 400. and [21][22][23] Many long-term employees questioned Plank's strategy and whether the company would produce a return on their investment. Lets rank the NFL teams still standing in the divisional round. All rights reserved. [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. [52] In 2015, Plank pledged $16 million to St. John's College High School in Washington, DC, to fund athletics, academics and entrepreneurship initiatives. In an interview on CNBC, he praised the president as. As of October 2021, his net worth was estimated at US$1.8 billion. Appearing on CNBC, the U.A. Costner earned some criticism for his political views, but that wasnt a chief concern for him. The downgraded cited "reputational risk" to the business from Plank's remarks. But as Trump supporters take the place of anti-Trump groups in criticizing Under Armour, the 45-year-old CEO finds himself and his company still embroiled in a controversy he may have been looking to escape. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. I'm not going to stop using a good quality product just because they don't have the same views I have. Under Armour has had difficulty keeping up with its competitors in recent years. 1 min read Actor Kevin Costner said he was "OK" with losing fans over his. This is a BETA experience. He is building a 4 million-square-foot headquarters for Under. [2], Plank married Desiree Guerzon, in 2003. 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