Top Shareholders of Under Armour

Aug 02, 2022 By Susan Kelly

Under Armour, like many other traditional shops, is having trouble keeping up with Amazon and other online retailers, which has led to underwhelming financial results for most of the year 2018. Both Ryan Kuehl, senior vice president of global sports, and Walker Jones, senior director of sports marketing, were let go in the same year after an internal evaluation of their team's performance.

As of December 11, 2018, Under Armour still has a dominant position in the market for sports gear, with an excellent market capitalization of $9.67 billion. This is despite the recent setbacks that the company has experienced. It should come as no surprise that its five biggest individual stockholders are all current or former executives of Under Armour, and their names are mentioned below.

1. Kevin Plank, Founder and CEO

Since 1996, company founder Kevin Plank has served as both CEO and head of the board of directors, and between 1996 and 2008, he also served as president. Plank is now a member of the boards of directors for the National Football Foundation, the College Hall of Fame Inc., and the University of Maryland College Park Foundation. His resume includes a Master of Business Administration degree from the University of Maryland. His academic credentials are extensive.

With a total of 33.8 million Class C shares, held indirectly by Plank via a system of trusts, Plank is the biggest stakeholder in Under Armour. According to the filing that the company made with the SEC on March 28, 2018, he only has direct ownership of 16,738 Class A shares of the company; however, he has stock options that entitle him to an additional 34.7 million Class A and Class B shares. This information was obtained from the company. Due to the size of Plank's investment in Under Armour, he is entitled to exercise 65 percent of the company's voting power.

2. Patrik Frisk, President and Chief Operating Officer

Patrik Frisk, the current President and COO of Under Armour, has approximately 30 years of expertise in the sector. Previously, he led companies such as The North Face and Timberland; thus, he brings this experience to his work at Under Armour. His most recent position was Chief Executive Officer of the worldwide footwear firm Aldo. In June of 2017, Frisk took over as President of Under Armour, succeeding Kevin Plank in that role. According to a report made with the SEC on August 15, 2018, Frisk owned 611,235 shares of Under Armour's Class C stock, earning him the position of the company's second-largest shareholder.

3. Michael S. Lee, Former Chief DigitalOfficer

Michael Lee previously worked as the company's chief digital officer at Under Armor. He had held this role since July 2016, when he was hired. After Under Armour paid $475 million to buy MyFitnessPal, an app that Lee had invented, Lee started working for the firm in March of 2015. In January of 2018, Lee and his brother Albert Lee resigned from their corporate positions, which was part of a larger strategy to restructure the company. Lee's most recent filing with the SEC was done on February 14, 2017, and it was revealed that he still has 391,998 Class C shares, making him the third-largest stakeholder in the firm.

4. Harvey L. Sanders, Independent Director

Harvey Sanders, an individual under Armor stakeholder and ranks as the fourth-largest stakeholder in the company, has been an independent director of the firm since November 2004. Between 1977 and 1993, he served as the president and CEO of Nautica Enterprises Inc. Currently, he is on the board of directors for the Boomer Esiason Foundation to Treat Cystic Fibrosis and the Starlight Starbright Foundation. In addition, Sanders is a member of the board of directors of the University of Maryland College Park Foundation. Sanders is the owner of 268,689 Class C shares of Under Armour in a document filed with the SEC on October 1, 2018.

5. Kip Fulks, Strategic Advisor

Kip Fulks, one of the people who helped develop Under Armour, has been associated with the firm for a long time and has held numerous important roles inside the business throughout the years. Between 1997 and 2008, Fulks was in charge of managing quality assurance and product development. Since May 2017, he has served as the company's strategic adviser. Previously, he was in charge of these responsibilities. From March 2015 until October 2015, Fulks held the president of footwear and innovation. Before that, he served as COO from 2011 until 2015 and as chief product officer from 2016 until 2017. As per the report that he made with the SEC on February 15, 2018, he had 261,356 Class C shares, making him the fifth-largest direct stakeholder in the corporation.

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