Under Armour stated Wednesday that it has actually worked with Marriott International President Stephanie Linnartz to be its next CEO, topping off a seven-month hunt for a brand-new employer that the business hopes will grow its digital organization.
Linnartz, who has actually been with Marriott given that 1997, was among 60 prospects thought about for the function. While athletic garments is a huge leap from the hospitality organization, she was chosen for her digital expertise and success in changing the hotel chain’s online existence, Under Armour creator and Executive Chairman Kevin Plank informed CNBC.
“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 business is leaning into its top priorities of “digitization, product and brand” after a shift duration of 5 or 6 years.
Linnartz, who began as a monetary expert at Marriott in 1997, will begin her brand-new task onFeb 27.
Colin Browne has actually been acting as interim CEO given that June after Under Armour’s previous magnate, Patrik Frisk, suddenly resigned inMay Browne will resume his position as primary running officer, the business stated in a press release.
Plank stated the business isn’t trying to find a significant reversal which it “really” likes the technique presently in location, however he acknowledged the brand name is “not growing as much as we want.”
Under Armour has actually been looking for to construct out its e-commerce operations, enhance revenues and take on competing brand names Nike and Lululemon as it deals with low margins, expensive lawsuits and a slashed outlook.
The business is counting on Linnartz’s experience leading Marriott’s multibillion-dollar digital improvement to speed up Under Armour’s online efforts.
Under Armor’s brand-new CEO Stephanie Linnartz
Courtesy: Under Armour
During her period at Marriott, Linnartz grew its Bonvoy commitment program to 173 million members and looked into the sports world when she established multi-year collaborations with the NFL, the NCAA and the Mercedes- AMG PETRONAS F1Team
In a release Wednesday, Marriott CEO Anthony Capuano applauded Linnartz as an “incredible executive.” She will leave the businessFeb 24, 3 days prior to 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 in the release.
She is likewise a member of Home Depot’s board of directors. She will have the ability to bring that retail background and insight to the position, Plank stated.
Plank stated he will stay as brand name chief and executive chairman, and will continue 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 simple roots in1996 Plank, a previous football gamer, established the model for the brand name’s signature wetness wicking t-shirt while a trainee at the University of Maryland and later on improved his styles out of his granny’s basement inGeorgetown
By 2005, he took the Baltimore- based business public and on its very first day of trading, its worth doubled.
Five years later on, Under Armour had actually quadrupled its profits and exceeded $1 billion.
Most just recently, the business reported $1.57 billion in sales in their financial 2nd quarter, up 2% from the previous year, in addition to an earnings of $87 million.
