The walls are closing in on corporate employees as CEOs at Disney and Starbucks demand that workers start returning to A decades-long broken economy screwed over millennials, and their decision to delay having kids is fueling Americas Up from here? [5], Plank grew up playing youth football with the Maplewood Sports Association; a Maplewood team has appeared in Under Armour commercials. The brand's lifestyle attributes are not quite cool enough to compete with the likes of [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. There is no definitive answer to this question as Kevin Plank has never openly stated his political affiliation. I love our country & company. Political parties began with the Federalists and Anti-Federalists in the debates leading up to the ratification of the Constitution of the United States. Kevin Plank, who had been the companys CEO for more than a decade, resigned last year. SEC Is Investigating And Sends Kevin Plank A Wells Notice. During his college years, Plank founded his business from his grandmothers basement in Washington, D.C., and has since held the position of CEO. In many cases, he said, "it goes away, and there's not a longer-term impact on brands or companies. Plank spent hours in one-on-one conversations to try to persuade those employees. 16 on 50 Most Influential People in Sports Business by, No. The president has been a problem for Under Armour and its CEO, Kevin Plank, since February. Kevin Plank, the CEO of Under Armour, will step down but continue to serve as the brands executive chairman and CEO. We believe in advocating for fair trade, an inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country, and tax reform that drives hiring to help create new jobs globally, across America and in Baltimore. When asked if he agrees with Plank's assessment that Trump is an "asset to the country," Curry responded, "I agree with that description, if you remove the et.". Founder, Executive Chairman and Brand Chief. For the latest news, weather, sports, and streaming video, head to The Hill. "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. said he isn't afraid to leave Under Armour. 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. The modern Democratic Party is based on the Democratic Republicans, while the modern Republican Party has grown since 1854. [1], Plank, a Roman Catholic,[2] grew up in Kensington, Maryland, a suburb of Washington D.C., the youngest of five brothers born to William and Jayne (ne Harper) Plank. Remember, Plank recently joined a council alongside Tesla's Elon Musk and others to work with Trump on increasing manufacturing jobs in the United States. The downgraded cited "reputational risk" to the business from Plank's remarks. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. Kevin Owen McCarthy (born January 26, 1965) is an American politician who is the 55th and current speaker of the United States House of Representatives, serving since January 7, 2023. Since joining Under Armour, 56-year-old Frisk has played a main role in the companys turnaround plan. Under Armour eclipsed the $3 billion annual sales mark for the first time last year andovertook Adidas asthe No. We believe it is important for Under Armour to be a part of that discussion. According to Susquehanna Financial Group analyst Sam Poser, Plank's commentary didn't just breach conventional wisdom staying mum on matters of politics and religion. Despite Trumps Twitter tirade against Merck, the companys stock finished Monday slightly more valuable than it started it. In addition to sitting on the University's Board of Trustees, he played an integral role in the development of an endowment fund that the Dingman Center uses to invest in viable startup businesses. Costner said he wouldn't run for office, unlike his character on the show. Wayfair Huge Deal-A-Thon - Up to 60% off everything! [54], According to the Federal Election Commission, Plank has donated to both major U.S. political parties and to individuals of both parties. Grandstanders should not have gone on. We have always been committed to developing innovative ways to support and invest in American jobs and manufacturing. "At no point in our history is it more important," said Auburn Bell, an adjunct professor of marketing at Loyola University Maryland. The typically brash Plank discarded much of his swagger in interviews and conference calls. (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 company's statement aimed to frame Plank's comments as a response to his participation in the manufacturing jobs initiative, not as a personal endorsement, he said. Odds & lines subject to change. 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. The decision comes hours after the CEO of pharmaceutical giant Merck announced hed do the same. Misty Copeland, a fellow Under Armour brand ambassador and the first African-American principal dancer at the American Ballet Theatre, also spoke out, saying in an Instagram post, "Those of you who have supported and followed my career know that the one topic I've never backed away from speaking openly about is the importance of diversity and inclusion. 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. The 46-year-old Plank is also tight with former MSNBC. We stand firmly for equal rights, Planks letter read. Bean in return on Twitter.) Also in February, The Post reported that Plank is also tight with former MSNBC political analyst Steve Schmidt who worked for Plank as a consultant until last year. 26 on Power 100 Most Influential Designers, Influencers and Leaders in the Shoe Industry by, No. In comparison to a year ago, international revenue fell 3% to $ 431 million. "It was something they needed to do, and time will tell as we move forward as to whether it succeeds." [42] Following Plank's renovation, the building reopened as the Sagamore Pendry Hotel. Then a Wall Street analyst downgraded the company. Where could Tom Brady land next, and does anybody want him? We engage in policy, not politics. "It goes back to freedom of speech," he said. based in America like Under Armour.". "A boycott made little sense, Kennedy added. He is building a 4 million-square-foot headquarters for Under Armour in Baltimore as part of a larger development called Port Covington. He was the youngest of five boys born to William and Jayne Plank. He took the stock from positive to neutral and slashed its price target from $40 to $24 following disappointing fourth quarter earnings results. His first big team sale was to Georgia Tech. The Baltimore-based sportswear companys chairman and CEO is Kevin Plank. [16], Plank initially ran the business from his grandmother's townhouse in Georgetown. Merck & Co. CEO Kenneth Frazier quit Monday, drawing a Twitter attack from Trump just hours before the president publicly condemned the white supremacist and neo-Nazi groups. Under Armour has had difficulty keeping up with its competitors in recent years. [16] He also attempted to name his company Body Armor, but efforts to trademark that name were also unsuccessful. However, Planks support for Trump has not been without controversy. Currently, however, his philanthropic. During the interview, Plank raised concerns about the possible "border tax" Trump has floated. Kevin Plank, the CEO of Under Armour, has resigned from the company. Bean and New Balance were seen as endorsements of Trump and each were criticized. When Mercks boss, Kenneth C. Frazier, announced hed leave the White Houses council, he said it was a matter of personal conscience to take a stance against intolerance and extremism. Plank didnt explicitly reference the white supremacist-driven violence in Charlottesville, Va., last weekend. Under Armour Three of the brands biggest star athletes came out against Planks statements. You may opt-out by. Cupid's Valentine earned $3,000, which Plank used as seed money for Under Armour. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. To learn more or opt-out, read our Cookie Policy. He is a male registered to vote in St Clair County, Michigan. Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. 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. 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. Is Kevin Plank married? He started Under Armour in 1996 in the basement of his grandmothers home with $15,000 and $40,000 in cash. 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. Run by designer Tim Coppens, formerly of Ralph Lauren and Adidas, looks range from tailored sportcoats to uniquely quilted vests. (Trump also praised L.L. Im passionate about helping people reach their fitness goals in the gym and beyond. Under [1] [2] [3] A member of the Republican Party , he served as House Minority Leader from 2019 to 2023 and as House Majority Leader from 2014 to 2019 under speakers . Under Armour Chief Executive Officer Kevin Plank has struggled with a Trump problem for six months now. His former home, when he put it up for sale, was the most expensive home on the market in Washington, DC. )It's not the first time Under Armour has found itself caught on the horns of a polarizing issue. ". FORTUNE may receive compensation for some links to products and services on this website. I wanted to let her know, as a citizen, how much I appreciated her brave, clear-headed stance, said Costner. Well see how UAs does on Tuesday. [51], In November 2014, Plank pledged $25 million to the University of Maryland to be used for the proposed athletics and academic complex. Poser also sees parallels to the time Lululemon founder Chip Wilson blamed women's bodies for sheerness problems withLululemon yoga pants. There appears to be some confusion about what the answer is. 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. @Merck Pharma is a leader in higher & higher drug prices while at the same time taking jobs out of the U.S. Bring jobs back & LOWER PRICES! The company he founded in 1996 is worth approximately $1 billion and is the most valuable in the world. It wants to have a close relationship with the current administration to advocate for issues that are . "The impact of such boycott calls are often hard to predict.Jason Moser, an analyst with the Motley Fool's Million Dollar Portfolio, said he found Plank's comments to be innocuous and acceptable. Plank likened Under Armour's future success to Tom Brady's improbable Super Bowl comeback. I didnt really care how the cookie crumbles, that people that liked me now dont like me, he told USA Today. Plank, who has been chief executive since he founded the company in 1996, will relinquish the helm at the beginning of next year. [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. But both times, Planks comments have been measured. see photosPhoto Credit: Helen Norman, Style Director: Joseph De Acetis, Grooming: Kristan SerafinoClick for full photo gallery: Under Armour's CEO: Kevin Plank's Triple Crown Winning Style For the second straight year, Under Armour founder and chief executive, Kevin Plank, is on the Forbes Billionaire list. A plank is a political party's declarations regarding the candidates' opinions, goals and plans for addressing the important issues in society. [23] A few years later, some of these acquisitions would be divested by the next CEO. Actor Dwayne The Rock Johnson said Planks words were divisive. Misty Copeland, the ballet icon and star of the companys womens clothing campaigns, said she strongly disagreed with the CEO. education, transportation, technology and urban infrastructure Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. Other brands, such as Lululemon, are also competing with UnderArmour. As of October 2021, his net worth was estimated at US$1.8 billion. "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. - CEO Kevin Plank pic.twitter.com/8YvndJMjj1. "Plank was out of town and unavailable to be interviewed on Wednesday, the company said.Immigration has been a hot-button topic since Trump's executive order to suspend refugee admissions and temporarily bar visitors from seven mostly Muslim countries. 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. [3] He continued to use the "Cupid" name when he later launched his Cupid's Cup competition. In November 2016, after Trump was elected president, several Under Armour athletes, including Steph Curry and Misty Copeland, publicly criticized Plank for his support of Trump. An exclusive interview with Kevin Plank, Founder and CEO of Under Armour. The panel, focused on developing innovative ways to support American manufacturing, includes top executives from Ford Motor Co., Dell Technologies and Johnson & Johnson. As he followed Fraziers move yesterday, Plank said he would focus on promoting unity, diversity, and inclusion through the power of sport. Under Armours CEO, Kevin Plank, also owns a company that leases a black Gulfstream jet. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. He took out a full-page ad in Under Armours hometown newspaper on Feb. 15, hoping to clear up his stance on Trump and immigration. In the ad, Plank said Under Armour stood for job creation, but publicly opposed the president's proposed travel ban. "Immediately after the interview aired, tweets with #boycottUnderArmour started to appear, citing Plank's comments. But spark a firestorm he did. To revisit this article, visit My Profile, thenView saved stories. Under Armor saved a reported $50 million after it backed out of its agreement with MLB to supply uniforms in January 2019. Now that Ken Frazier of Merck Pharma has resigned from President's Manufacturing Council,he will have more time to LOWER RIPOFF DRUG PRICES! 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. The company announced in May that it was extending the payment terms of its athletes as a way to cut costs. This is a BETA experience. Under Armour is a national business, and how the CEOs political views gel with his home states arent everything on their own. 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. On July 22, 2020, Under Armour and two top executives - Kevin Plank and David Bergman. Lone Pine Capital LLC purchased a nearly 7% stake in the company. His most recent gift will go toward expanding the CollegeBound Foundations programs to benefit more students in Baltimore and throughout the country. In a new interview with USA Today upon the season five premiere of his hit Paramount show Yellowstone, Costner said he has no regrets for supporting Cheney in her primary this year, as well as former presidential candidate and current Secretary of Transportation Pete Buttigieg in 2020. "We are incredibly proud of this important first step in the evolution of creating more jobs at home. The sportswear apparel brand he had founded in the 1990s was going up against giant Nike. "There's just as many people out there that want to see change as don't want to see change. All hail the greatest regular season Pro Bowl quarterback in the NFL. capability. Under Armour moved quickly Wednesday to contain a social media backlash to comments by its founder and CEO Kevin Plank praising President Donald J. Trump's pro-business philosophy. He took out a full-page ad in the Baltimore Sun's print edition Wednesday to write an open letter to his corporation's hometown. In a statement, Plank said, After twenty-four incredible years, I have decided that now is the right time to transition Under Armours leadership to a new generation.. Under Armours founder and CEO, Kevin Plank, has been a successful philanthropist as well as an investor. Tired of changing his perspiration-soaked cotton t-shirts . Thats OK.. "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. 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 year. In an interview with CNBC in April 2017, Plank praised Trumps pro-business agenda, saying that the president was a real asset to the country. And Under Armour wants to have it both ways. 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. Following his resignation from Underarm, Kevin Plank received a personal note from George W. Bush. 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. This is what we believe. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. After ratification, the Federalists and Democratic Republicans became the first true political parties. [45], Plank is also active within the Baltimore and Washington, D.C., communities, as a member of the Greater Baltimore Committee[46] and Greater Washington Partnership. Thanks for contacting us. Kevin Plankcaused a stir three years ago when he spoke positively of Donald Trumpa couple of weeks after the president had been inaugurated. Plank is a former football player who spent his . Plank, who started Under Armour in 1996 in his. [40], Plank renovated the former Recreation Pier building in Fells Point, Baltimore. Under Armour founder Kevin Plank built a popular sportswear brand as the underdog competitor to Nike. He will join the board, while Plank transitions to executive chairman and brand chief. Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. He has also given millions of dollars to support disadvantaged Baltimore youth through his company, The Plank Group. 2023 Forbes Media LLC. Under Armour CEO Kevin Plank is a close friend of MSNBC anchor Stephanie Ruhle. Just because you lose doesnt mean youre done; it doesnt mean youre even wrong, said Costner. Plank got kicked out of his high school after an alcohol-fueled brawl with Georgetown U football players; he later walked onto the U. of Maryland's football team. 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. . When Kevin Plank endorsed President Donald Trump in 2017, he caused a stir. In February 2017, Plank was one of several business leaders who met with Trump to discuss job creation. 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. Ever since he expressed support for the new president, hes faced pressure from consumers and his own endorsers to revisit his position. Both Nike And Under Armours CEOs Are Stepping Down: Is This The End Of The Imperial And Untouchable CEO? Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. Under Armour is headquartered in Baltimore, a deeply Democratic city in a solidly Democratic state. 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. It is imperative to me that my partners and sponsors share this belief.". Under Armours Billionaire Founder Kevin Plank Steps Down After Over Two Decades At The Helm, Tesla Alum's $1 Billion Business; Uber Laying Off 400 Employees; Airbnb Host Evicted And Ordered To Pay $123,000, Kevin Plank, Wilbur Ross & More: The 26 People Who Dropped Off The Forbes 400, Under Armour's Kevin Plank And Intel's Brian Krzanich Follow Ken Frazier And Quit President Trump's Manufacturing Council, Kevin Plank's Trump Praise Leads To A Downgrade For Under Armour Stock, How Under Armour CEO Kevin Plank Went From College Fullback To Billion Dollar Boss, Under Armour Follows Google Playbook To Keep Billionaire Kevin Plank In Control, Under Armour's Kevin Plank Is The Billionaire Underdog, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Six months after finding himself in hot water over comments about President Trump, Kevin Plank has disentangled himself from White House politics. At Under Armour, our diversity is our strength, and we will continue to advocate for policies that Protect Our House, our business, our team, and our community. [37] The building was originally built in 1914 to store port cargo and later served as a community center and studio for the television series Homicide: Life on the Street; it closed in 1999. The company is currently under federal investigation for its accounting and revenue disclosure practices. Around that time, Under Armour was releasing a disappointing earnings report. He started his business there and still runs it in Maryland today. "But Mr. Plank has a company to run, and it sounds like that's what he's doing so I'd encourage investors to focus more on the fundamentals of the business and less on short-lived events such as these. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. CEO Kevin Plank called President Donald Trump "a real asset to this country," he did not intend to spark a firestorm. "Under Armour even faced a reaction from one of its top athletes after the Plank comments.NBA star Stephen Curry of the Golden State Warriors told The Mercury News of San Jose, Calif., on Wednesday that he spent Tuesday evening on the phone talking to Under Armour and eventually Plank himself "trying to understand what was going on and where everybody stood on the issue. But it's likely the effect won't linger, he said. earlier this year. In the letter published by the Baltimore Sun, he wrote that his company stands for equal rights and reinvigorating American manufacturing. "You know, I think a lot of people bet against Tom Brady the other night, too," he said. Kevin Plank, a billionaire and philanthropist, is the founder and former CEO of Under Armour, one of the largest sportswear companies in the world. Through our investment, hiring and in everything we do, we expect to be leaders in the advancement of all forms of diversity and gender.. Plank served on Trump's manufacturing council but resigned in August 2017 after the president did not criticize neo-Nazi protestors in Charlottesville, Virginia. News anchor Stephanie Ruhle isn't the only MSNBC personality with cozy ties to Under Armour CEO Kevin Plank, The Post has learned. On Tuesday, Scott Paul, the president of the Alliance for American Manufacturing, said he was stepping down, because it was the right thing for me to do.. Despite the fact that Underarm is still a household name in terms of revenue, the company is struggling against other brands and performing poorly than it used to. "Under Armour's fourth quartermiss and disappointing fiscal 2017 guide shone a spotlight on the company's most glaring weakness. Could Plank simply trying to curry favor with President Trump, in hopes he can help pass laws that could make their brand more profitableor at least give them a shout out on Twitter? [43], Plank donated $1 million through The Cupid Foundation to the Baltimore-based CollegeBound in 2016. Plank took out a full-page open letter in the Baltimore Sun, where he backed off some of his Trump praise, which he said did not accurately reflect my intent. He expressed opposition to Trumps proposed (and since partially enacted) travel ban on visitors from some Muslim-majority countries, because it might affect his workforce. "It was important", Plank said, "that this not just be my decision. The strategy was a success, earning the company the world's largest digital health-and-fitness community, with 150 million users. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. According to the companys statement Friday, it expects revenue to grow between 5% and 7% in the fiscal year that ends in March. "We believe that immigration is a source of strength, diversity and innovation for global companies based in America like Under Armour. All Rights Reserved. Gambling problem? According to the Maryland State Board of Elections, Plank is a registered Republican. [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. At Under Armour, our culture has always been about optimism, teamwork, and unity. Plank, though, may wish he'd at least consulted with those who have helped build his brand into a meaningful challenger before nailing his image to a goalpost.
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