[27][28], Plank is a member of the board of trustees for the National Football Foundation. "Curry told the newspaper that he welcomed Under Armour's statement Wednesday, saying it represented the company he knows and stands with.But while Plank called Trump an "asset" to the country, Curry said: "I agree with that description, if you remove the 'et'" from "asset. Ever since he expressed support for the new president, hes faced pressure from consumers and his own endorsers to revisit his position. 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.. Hi, Im Nick! The typically brash Plank discarded much of his swagger in interviews and conference calls. "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. It wants to have a close relationship with the current administration to advocate for issues that are . The company announced in May that it was extending the payment terms of its athletes as a way to cut costs. Under Armour manufactures footwear, sportswear, and accessories. Nike Six months later, following Saturdays violence at a Virginia protest by white supremacists and neo-Nazis, one of whom was charged with murder in the car-ramming death of a counter-demonstrator, and Trumps initial refusal to condemn the groups, Plank may have seen his chance. In August, Costner wore a pro-Cheney shirt that the Republican lawmaker shared in an Instagram post, saying the Hollywood star was putting country over party.. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers.". The concept for Under Armour was based on Plank's personal experience playing college football. It was bad for business. education, transportation, technology and urban infrastructure A plank is a political partys declarations regarding the candidates opinions, goals and plans for addressing the important issues in society. Plank likened Under Armour's future success to Tom Brady's improbable Super Bowl comeback. The decision comes hours after the CEO of pharmaceutical giant Merck announced hed do the same. Armour and Kevin Plank are for job creation and American manufacturing Growth has slowed for the brand as competition from much larger rivals Nike Inc. and Adidas AG mounts. Where could Tom Brady land next, and does anybody want him? His mother is a former mayor of Kensington, who went on to direct the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan. [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. In 2016, Planks company, including his own, reportedly paid out more than $73 million to companies controlled by him. 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. Color-blocked long sleeve shirts, stretch bombers, and polos are all sleek and fitted, a performance version of the baggier silhouettes often seen in streetwear.Under Armour fell 4.5 percent to $17.99 at 1:05 p.m. in New York. "Commentary by CEO Kevin Plank in a polarized political climate and the pointed response by Stephen Curry make it nearly impossible to effectively build a cool urban lifestyle brand in the foreseeable future," Poser wrote in a research note Wednesday. Under Armour eclipsed the $3 billion annual sales mark for the first time last year andovertook Adidas asthe No. [41] The limestone aquifer on Plank's farm produced water fit to distill whiskey,[18] so Plank and business partner Bill McDermond founded Sagamore Spirit to restore Maryland's whiskey distilling tradition. [9], Plank originally sought to call his new sportswear company Heart, but he could not trademark it. "If those values don't align with their views, they will take their business elsewhere. [30] The property was once owned by Alfred Gwynne Vanderbilt. Kevin Plank. [32] Plank has said he seeks to restore the farm and rejuvenate Maryland's horse racing tradition by raising a Triple Crown winning horse. In an interview with CNBC in April 2017, Plank praised Trump's pro-business agenda, saying that the president was "a real asset" to the country. [58], Plank sat on the President Trump's American Manufacturing Council. During the interview, Plank raised concerns about the possible "border tax" Trump has floated.But Plank, who has contributed in the past both to Republican and Democratic elected officials in federal and state posts, said that having "such a pro-business president is something that's a real asset to this country. AZ, CO, CT, IL, IN, IA, KS, LA, (select parishes), MD, MI, NH, NJ, NY, OH, OR, PA, TN, VA, WV, WY, CA-ONT only.Eligibility restrictions apply. In an interview on CNBC, he praised the president as. founder said he views President Trump as a "real asset" to his company, going on to say, "He wants to build things. Other brands, such as Lululemon, are also competing with UnderArmour. "Plank's comments on Trump came Tuesday afternoon as part of a broad interview on CNBC's "Halftime Report" about Under Armour. [2], Plank married Desiree Guerzon, in 2003. Under Armour Inc. shares fell the most in five years after the company reported that supply chain issues and pandemic-related shutdowns in China are costing it money. As the founder of Under Armour, Kevin Plank didn't set out to change Baltimore when he started the sports equipment and apparel brand there in 1998. The Under Armour founder discusses early lessons and pivotal decisions. 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. [1] Contents 1 Early life 2 Career Thecompany has posted 23 quarters . "We stand firmly for equal rights," Plank wrote. "The point is that reputational damage to Under Armour appears to be done, and such damage may have lasting effects on brand perception and, ultimately, sales in our view.". Misty Copeland said she strongly disagreed. Much of the apparel-buying public did too, which is part of the risk when an executive speaks up about a polarizing politician. Political parties began with the . But Under Armour has a big business presence in the state and works closely with state and local government. [40] Its first bottles were sold at stores in 2016. Personal beliefs and opinions. In comparison to a year ago, international revenue fell 3% to $ 431 million. Under Armours public break with Trump was months in themaking, All 8 remaining NFL playoffs teams, ranked by likelihood of winning it all. [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. The former Under Armour CEO is dabbling in politics. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Kevin Costner returns to "Yellowstone" season five, where he portrays John Dutton on the Paramount network show. Update: Under Armour has issued the following statement. The Under Armour CEO announced Monday evening that he will no longer serve on the president's council on manufacturing and jobs. Sports-apparel maker, Under Armour, is the subject of federal investigations by the Department of Justice and the Securities and Exchange Commission over its accounting practices, according to the Wall Street Journal. Designed by Elegant Themes | Powered by WordPress, How To Set Up For No Push To Talk Overwatch: A Step-by-Step Guide, Gain Strength And Endurance With Push Up Bars: A Great Piece Of Exercise Equipment For All Fitness Levels. While Poser doesn't believe that Under Armour is in danger of losing Curry as a brand ambassador, he cites Curry's "pointed" comments as a troubling sign for the company. [48] Through his Cupid Foundation, Plank donated $5 million to help create the UA House at Fayette, an East Baltimore community center run by Living Classrooms. Daniel Acker. (Note: Under Armour currently manufactures virtually all of its products overseas save for a specialty factory in Maryland, used to make custom products for athletes and VIP clientele.) The CollegeBound Foundation plans to use the funds to expand its college counseling, financial aid, and scholarship programs in Baltimore and to support college preparatory programs in under-served communities across the country. Plank continued to pile on the praise of Trump's abilities saying, "I'm a big fan of people that operate in the world of 'publish and iterate' versus 'think, think, think, think, think', so there's a lot that I respect there.". Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. "When they realized there was some backlash and that's not hard to do with social media, it appears quickly, they were quick to come out with a response," Bell said. For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first womens collection made in our hometown of Baltimore, MD. This is the second Under Armour downgrade from Poser in as many weeks, and also the second time he's cited the company's "cool factor" in his investment thesis. [19] The ad resulted in $1 million in direct sales for the following year, and athletes and teams began buying the product. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. In the week since Plank praisedthe president,three of Under Armour's biggest celebrity endorsers have publicly criticized his comments; Plank took out a full page ad in theBaltimore Sunto reiterateUnder Armour's values; and on Wednesday, Under Armour found itself the subject of a stock downgradethat cited Plank's statements among the top negative drivers for the company. Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. Meet the 26 who dropped off this year. He wants to make bold decisions and be really decisive." He wants to make bold decisions and be really decisive," Plank said, alluding to Trump's desire to bolster American manufacturing and his plans to build a wall along the US-Mexico border and pass a large infrastructure improvement bill. Lets rank the NFL teams still standing in the divisional round. Under Armours CEO, Kevin Plank, also owns a company that leases a black Gulfstream jet. But it's likely the effect won't linger, he said. 23 on 50 Most Influential People in Sports by, No. He will be succeeded by chief operating officer Patrik Frisk, who joined Under Armour in July 2017 from his position as CEO of footwear and accessories company Aldo Group. As his friends moved on to play professionally, he would send them T-shirts, requesting that they pass them out to other players in their locker rooms. "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. All rights reserved. Is Kevin Plank married? By joining other CEOs in quitting a White House advisory council, he may have hoped his company would finally be free of the controversy. Exploring The Possibilities Of Powered Rails: Fly High Into The Sky! In many cases, he said, "it goes away, and there's not a longer-term impact on brands or companies. [12] As of February 2018, Forbes estimated his net worth at US$1.8 billion. He joined CEOs from companies such as Dow Chemical, Dell, Ford, GE and Tesla, among others to begin an important dialogue around creating jobs in America. In North America, sales were $940 million, a slight decrease from the previous year. However, based on his public statements and actions, it is generally believed that he is a Republican. We have reached out to the brand with some follow-up questions and will update this post if and when they reply. " [37] The company had acquired approximately 235 acres in the area[36] and planned to build a mix of offices, residential areas, retail space, parks, boat launches and more. Noticing his football teammates' sweat-soaked shirts, Plank came up with a lightweight, sweat-wicking shirt using fabrics from women's undergarments. Three of the brands biggest star athletes came out against Planks statements. It is imperative to me that my partners and sponsors share this belief.". Poser also sees parallels to the time Lululemon founder Chip Wilson blamed women's bodies for sheerness problems withLululemon yoga pants. At the time, Under Armour told The Post that its false to report that Kevin Plank used corporate dollars at strip clubs, and added that Plank didnt conduct business at strip clubs or use company funds at such venues.. Shoe sales are suddenly headed in the wrong direction after years of growth, as the company reported a 2 percent decline in footwear sales to $237 million last quarter, compared with a 58 percent increase in the same period the year prior. Im a certified personal trainer with over 10 years of experience. Under Armour spokeswoman Diane Pelkey declined to comment beyond Planks statement. [11][3] Frustrated by his cotton T-shirts' inability to keep him dry and comfortable, he searched for a material that would wick the sweat from his body. Early Days Plank was born on August 13, 1972, and raised in Kensington, Maryland, where his mother served as mayor and father as a property developer. Plank had said in an interview on CNBC that Trump was "an asset to the country." 4. A $10 million donation from Baltimore-based business magnate and philanthropist, philanthropist, and Under Armour executive Kevin Plank, announced on Monday, will be used to support CollegeBound. Both Nike And Under Armours CEOs Are Stepping Down: Is This The End Of The Imperial And Untouchable CEO? Bean faced boycott calls after it was reported that a granddaughter of its founder contributed to a political action committee backing Trump.Plank sits on a manufacturing advisory panel assembled by Trump that met with him the Monday after he was inaugurated. capability. "Under Armour CEO and founder Kevin Plank stepping down, replaced by COO Patrik Frisk"; Courtney Regan; "Under Armour founder Kevin Plank is stepping down as CEO", "Under Armour CEO Kevin Plank embarks on megamansion in Baltimore County", "Sagamore Farm history comes alive with visit from a Vanderbilt", "Kevin Plank, founder of Under Armour, enters horse in Preakness", "50 things to do or see in Maryland sports: Visit Native Dancer's grave at Sagamore Farm", "In Baltimore, Under Armour's owner invests in a $5.5 billion bet on his city", "Remaking Baltimore's waterfront, with a splash of whiskey", "Plank's Sagamore Development plans start-up hub in Port Covington", "Sagamore Spirit debuts its distillery in Port Covington", "Under Armour's Kevin Plank enters the whiskey wars", "Historic Recreation Pier reopens as Sagamore Pendry Hotel", "Sagamore unveils first new Baltimore water taxi, a historic Chesapeake throwback", "Kevin Plank donates $1 million to Baltimore's CollegeBound Foundation", "Kevin Plank's foundation funds summer jobs for Cherry Hill students", "Greater Baltimore Committee backs Port Covington TIF", "Transportation workforce development to be top priorities for Greater Washington Partnership", "Kevin Plank, Living Classrooms Foundation unveil UA House in East Baltimore", "Under Armour re-imagines a community center in East Baltimore", "Kevin Plank's Cupid's Cup picks College Park startup for top prize", "Plank giving $25 million for UM athletic, academic project", "Under Armour's Kevin Plank gives $16 million to high school alma mater", "The Most Expensive House in Washington D.C. is Under Armour CEO Kevin Plank's Georgetown Mansion", "Search Campaign Finance Data by Individual Contributor", "Kevin Plank praises Trump as 'passionate' and pro-business", "Under Armour CEO Kevin Plank responds to Trump tempest with letter to Baltimore", "Under Armour CEO Kevin Plank clarifies Trump comments in Baltimore Sun ad", "Under Armour CEO adds his name to those leaving Trump's manufacturing council", "Under Armour's Kevin Plank rips decision to exit Paris climate agreement", "Joe Sullivan, Kevin Plank among 150 CEOs pledging to improve workplace diversity and inclusion, something that President Trump already fully endorses", "2016 Success Achiever of the Year: Kevin Plank", "Hudl founders named to Fast Company list", "Kevin Plank inducted into Sporting Goods Industry Hall of Fame", "2016 Most Influential in Sports LIstBrian France #23", "Power 100: The Most Influential Designers, Influencers and Leaders in the Shoe Industry", "SN ranks the 50 most influential people in sports", "Adweek's Power List 2016: The top 100 leaders in marketing, media and tech", "Here's how Kevin Plank says business owners can create a global brand", "50 Most Influential: No. As of October 2021, the net worth of Kevin Audette Plank is estimated to be US$1.8 billion. "jebarker@baltsun.comtwitter.com/sunjeffbarkerlorraine.mirabella@baltsun.com, Under Armour said in the 280-word statement, Do Not Sell/Share My Personal Information. [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. Founder, Executive Chairman and Brand Chief. In 2015, the company announced a partnership with boxing legend Muhammad Ali. A plank is a political party's declarations regarding the candidates' opinions, goals and plans for addressing the important issues in society. [16] He also attempted to name his company Body Armor, but efforts to trademark that name were also unsuccessful. The sportswear apparel brand he had founded in the 1990s was going up against giant Nike. [24], As CEO, Plank oversaw a company that generated US$5 billion in annual revenue and employed about 15,800 people as of December 31, 2017. On September 23, 2020, it was announced that Kevin Plank would step down as CEO of Under Armour, effective January 1, 2021. [56] Plank's comments drew criticism on social media. [16] One day, his brother asked him, "How's that company you're working on Under Armor?" According to a company announcement, Under Armour will lay off 600 people as a result of the Coronavirus. Under Armour chief executive Kevin Plank who got rocked last year by reports that he had presided over a frat-house culture at the athletic wear giant will step down from the role next. Intel Corp.s Brian Krzanich then joined the exodus, echoing Frazier in calling his decision a matter of personal conscience. Krzanich was the only one of the three CEOs to explicitly cite Charlottesville. Who is Kevin Plank's wife? "What the CEO said reflects where they stand on the issues, and I don't think that statement addresses that," said Khan, 29. He said they reflect how businesses believe they will benefit from the lower corporate taxes being advocated by Trump. "Under Armour framed its involvement with Trump as focused on the manufacturing initiative, which complements its effort launched in Baltimore last year to test technologies for local production. 6 on 50 Most Influential People in Sports by, No. The versatile training shoe, which is also equipped with the BOA Fit System, was developed to give athletes, particularly high school and college athletes, one less thing to worry about during their busy day-to-day lives. There appears to be some confusion about what the answer is. Plank is in hot water over comments he made praising the president. GQ may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. To learn more or opt-out, read our Cookie Policy. investment. The free fall in housing market activity just concluded, says Capital Economics, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Shares of Under Armour opened for Wednesday trading in negative territory but turned positive mid-morning; the stock is currently up 0.2%. "Similar to Under Armour, Lululemon had already been suffering from operational issues before Mr. Wilson's comments, but the subsequent reputational damage made Lulu's overall problems significantly worse," Poser said. "Trump, Plank told the network, "wants to build things. 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. Following his resignation from Underarm, Kevin Plank received a personal note from George W. Bush. Under Armour CEO Kevin Plank is a close friend of MSNBC anchor Stephanie Ruhle. (Photo by Chip Somodevilla/Getty Images), Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market, "In this case, perception is reality. I didnt really care how the cookie crumbles, that people that liked me now dont like me, he told USA Today. Because American political parties consist of many individuals with widely varied interests, planks are important and help organize the opinions and strategies for each political issue. Donald J. Trump (@realDonaldTrump) August 15, 2017. [61], "Kevin Plank donates $1 million to Baltimore Catholic schools", "How Kevin Plank turned a single idea into a global brand", "2003 Businessperson of the year: The man behind the 'armour', "Under Armour founder gives $16 million to St. John's College High", "How the founder of Under Armour went from getting kicked out of high school to running a $22 billion company", "From rags to microfiber: inside the rapid rise of Under Armour", "WWE's Darren Drozdov thrives 15 years after being paralyzed during match", "Five finalists chosen for Kevin Plank's Cupid's Cup competition", "Taking on the giants: How Under Armour founder Kevin Plank is going head-to-head with the industry's biggest players", "Kevin Plank is betting almost $1 billion that Under Armour can beat Nike", "20 things you didn't know about Under Armour", "Under Armour founder breaks into billionaires club", "Under Armour acquires weight loss app, MyFitnessPal, for $475 million dollars", "Under Armour Buys Apps in Bid to Become Top Fitness Tracker", "Kevin Plank Is Betting Almost $1 Billion That Under Armour Can Beat Nike", "Under Armour exits yet another school sponsorship deal as part of big shrink". All Rights Reserved. Kirk Cousins is never going to win anything because hes a Costco hotdog. [10] He graduated in 1996[3][11] with a bachelor's degree in business administration. Kevin Plank and Under Armour. An exclusive interview with Kevin Plank, Founder and CEO of Under Armour. Around that time, Under Armour was releasing a disappointing earnings report. In 2020, as City Council president, he approved a $148 million tranche of TIF bonds, which financed the cost of engineering, design . For a certain segment of customers -- those who are active on Twitter -- Plank's statements were not well received. We are incredibly proud of this important first step in the evolution of creating more jobs at home. Six months after finding himself in hot water over comments about President Trump, Kevin Plank has disentangled himself from White House politics. We engage in policy, not politics. [3] He continued to use the "Cupid" name when he later launched his Cupid's Cup competition. Social media has fueled resentment and protests. [57] Johnson called Plank's words "divisive". [12], His roommate at Maryland was football player and professional wrestler Darren Drozdov. Just this week, three CEOs of top U. S. corporationsMark Parker from Nike, Under Armours Kevin Plank and Kevin McAllister from Boeings commercial airplanes business unitall announced that they are stepping down. FORTUNE may receive compensation for some links to products and services on this website. Kevin Plank, a Georgetown Prep graduate, was expelled from the school after he was involved in an alcohol-filled fight. He lived in Lutherville as a resident of Georgetown before moving to Washington, DC. 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. [53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school. "A boycott made little sense, Kennedy added. The brand's lifestyle attributes are not quite cool enough to compete with the likes of This is a BETA experience. Adidas [37], Plank Industries also bought and revamped the water taxi in Inner Harbor. He read a speech on Monday, two days after the fighting, that singled them out. Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business. BALTIMORE Under Armour Founder Kevin Plank will step down as CEO in the new year to become the company's executive chairman and brand chief. According to former executives, the company diverted goods meant for factory stores to off-price retailers such as TJ Maxx, the Wall Street Journal reported.
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