Athletic apparel maker Under Armour (UAA) has named Stephanie Linnartz as its new chief executive officer (CEO).
Linnartz, who previously worked as president of hotel chain Marriott International (MAR), will assume the role of CEO at Under Armour on February 27, 2023.
Linnartz succeeds Patrik Frisk, who stepped down from the CEO position in May after two years in the top role.
Under Armour’s interim CEO, Colin Browne, will resume his position as chief operating officer (COO) when Linnartz takes over.
The change in leadership comes as Under Armour struggles with bloated inventories and supply chain issues.
However, demand for Under Armour products remains strong. Revenue in the company’s most recent quarter rose 2%, beating Wall Street estimates.
At Marriott, Linnartz was responsible for Marriott’s Bonvoy loyalty program that has 173 million members and developed partnerships with the NFL, NCAA and Formula One.
The previous CEO, Frisk, revived Under Armour’s operations and cut costs during his time leading the company.
However, Under Armour’s stock has declined 53% in 2022 to $9.90 U.S. per share. Over the past five years, the company’s stock has fallen 36%.
