Terms at draftkings.com/sportsbook. ". Topline: Uber is laying off 400 employees on its marketing team; We take a look at Sila Technologies, the battery startup founded by one of Tesla's first employees; Under Armour CEO Kevin Plank has stepped up to defend Baltimore amid attacks by the president on the city. Good luck with that, Kev. Gambling problem? We are incredibly proud of this important first step in the evolution of creating more jobs at home. In 2020, as City Council president, he approved a $148 million tranche of TIF bonds, which financed the cost of engineering, design . He is a male registered to vote in St Clair County, Michigan. He read a speech on Monday, two days after the fighting, that singled them out. Following a 1999 in-ring accident which left Drozdov quadriplegic, Plank personally financed his customized wheelchair. We have reached out to the brand with some follow-up questions and will update this post if and when they reply. " Or, these statements could also be seen as a Hail Mary business move to appeal to new customers, as Under Amour's stock prices have been stagnant and its CFO just left the company. Under Armor was established by Kevin Plank, a member of the University of Maryland football team who also founded the company. 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. 8 What are the planks of a political party? I write about women who run companies, countries and currencies. He is a male registered to vote in St Clair County, Michigan. Not appearing offensive to customers who support or oppose him is a hard balance. FORTUNE may receive compensation for some links to products and services on this website. And Under Armour wants to have it both ways. The fallout was swift: [23] A few years later, some of these acquisitions would be divested by the next CEO. "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. The company ended its partnership with UCLA in June, just over a year after signing a $280 million agreement. [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 . 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. When 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. He was the youngest of five boys born to William and Jayne Plank. [3][4] His father was a prominent Maryland land developer. Kevin Costner returns to "Yellowstone" season five, where he portrays John Dutton on the Paramount network show. Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. "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. 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. Lone Pine Capital LLC purchased a nearly 7% stake in the company. [53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school. 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? [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. 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. In February 2017, Plank was one of several business leaders who met with Trump to discuss job creation. Kevin Plankcaused a stir three years ago when he spoke positively of Donald Trumpa couple of weeks after the president had been inaugurated. [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. Personal beliefs and opinions. 2022 Fortune Media IP Limited. The president isnt popular there or in any of the big cities in that part of the country. Still, he remained on the advisory board. 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. Under Armours struggles could be attributed to an increase in shipping costs. For a certain segment of customers -- those who are active on Twitter -- Plank's statements were not well received. We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. [40] He was initially approached about creating a vineyard, but being a whiskey enthusiast he asked his business partner to research whiskey. Kevin Plank was recently invited at the request of the President of the United States, to join the American Manufacturing Council as part of a distinguished group of business leaders. Update 3: Under Armour has offered a new statement regarding the president's travel ban: "These are not new or revised values. 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. Plank likened Under Armour's future success to Tom Brady's improbable Super Bowl comeback. As he followed Fraziers move yesterday, Plank said he would focus on promoting unity, diversity, and inclusion through the power of sport. Costner said he wouldn't run for office, unlike his character on the show. Stephen Curry agreed Trump was an asset if you removed the last two letters from the word asset. Dwayne Johnson said Plank lacked perspective. In the note, hedowngraded Under Armour from "neutral" to "negative" and took its price target from $24 per share to $14 per share. [19] The ad resulted in $1 million in direct sales for the following year, and athletes and teams began buying the product. By taking a stance either way, you run the risk of alienating a major segment of your customers. I didnt really care how the cookie crumbles, that people that liked me now dont like me, he told USA Today. Our multi-year, transition approach has ensured purposeful leadership continuity. Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. Most concerning of all to the company is the slowdown in sneakes. Is Kevin Plank married? "There's just as many people out there that want to see change as don't want to see change. 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.. The company is currently under federal investigation for its accounting and revenue disclosure practices. Following his resignation from Underarm, Kevin Plank received a personal note from George W. Bush. Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. [50] He is also responsible for the development of the Cupid's Cup business competition. . The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Total Compensation $1,861,433 View details: Kevin Plank Executive Chairman and Brand Chief: Total Compensation $3,036,429 View details: What is Kevin Plank worth? "Plank's comments on Trump came Tuesday afternoon as part of a broad interview on CNBC's "Halftime Report" about Under Armour. It was not to be. We believe building should be focused on much needed How to Shop for Carhartt Clothing the Right Way, Carhartt Clothing: The Ultimate Brand for Outdoor Adventure, Genius Tips for Making Perfectly Cooked Food With Le Creuset, Cast-Iron Basics: How to Choose, Use, and Care for Le Creuset, Tips for a Safe Xfinity Internet Experience, Protect Your Online Privacy Using Xfinity Internet, The Basics of Using Screen Recorder Software Programs, Tips to Make the Most of Your Screen Recorder Software, Google Cloud Storage Tips for Busy Professionals, Maximize Your Google Cloud Storage With Google Drive, How to Clean Your Pandora Jewelry Safely and Effectively. [42] Following Plank's renovation, the building reopened as the Sagamore Pendry Hotel. Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business. Employees at the athletic apparel giant were uncomfortable with their relationship, according to the report, and were unsure how to handle her feedback because many believed she had romantic ties with Plank. We believe it is important for Under Armour to be a part of that discussion. Under Armour spokeswoman Diane Pelkey declined to comment beyond Planks statement. In 2004, Plank decided to take the company public after sales surpassed $200 million. Under Armour is a national business, and how the CEOs political views gel with his home states arent everything on their own. 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. Adidas Hi, Im Nick! Ever since he expressed support for the new president, hes faced pressure from consumers and his own endorsers to revisit his position. "[I]tis exceptionally difficult to create the cool factor that will drive lifestyle sales; it must happen organically.". [49], Plank has been a long-time supporter of the University of Maryland's Robert H. Smith School of Business and Dingman Center for Entrepreneurship. [16], Plank initially ran the business from his grandmother's townhouse in Georgetown. "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. [13], While at University of Maryland, Plank launched Cupid's Valentine, a seasonal business selling roses on Valentine's Day. You dont need to look beyond Trumps Twitter account on Monday to see why. The Under Armour founder discusses early lessons and pivotal decisions. 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. "If those values don't align with their views, they will take their business elsewhere. Just because you lose doesnt mean youre done; it doesnt mean youre even wrong, said Costner. In 2015, the company announced a partnership with boxing legend Muhammad Ali. 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. Plank is the man in charge of Under Armour and can choose to say whatever he wants, regardless if his views align with those of each and every one of his employees. The backlash was immediate, and not just from outraged shoppers. Under Armour announced today that Kevin Plank, who founded the company in 1996, is stepping down from his CEO role in January and will remain as . Grandstanders should not have gone on. Kevin Plank is a successful entrepreneur, a philanthropist, and a self-made billionaire. ," he wrote at the time. That's only heightened in terms of importance as the country has become more divided in political views. [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. "It was something they needed to do, and time will tell as we move forward as to whether it succeeds." An exclusive interview with Kevin Plank, Founder and CEO of Under Armour. You may opt-out by. The panel, focused on developing innovative ways to support American manufacturing, includes top executives from Ford Motor Co., Dell Technologies and Johnson & Johnson. 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. Political parties began with the Federalists and Anti-Federalists in the debates leading up to the ratification of the Constitution of the United States. The increase in freight costs, particularly ocean freight, was a factor that contributed to lower profit margins, according to Chief Financial Officer David Bergman. 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. "For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first women's collection made in our hometown of Baltimore," the company's statement said. . 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? 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. [7][9] Afterward, he played football at Fork Union Military Academy for a year, trying to get the attention of NCAA Division I schools. Plank spent hours in one-on-one conversations to try to persuade those employees. His father was a land developer in Virginia, and his mother, the once mayor of Kensington, worked for the Department of State during the administration of President . "Just because I might not agree with your side of the story, if you have a good product I'm going to keep buying it. In many cases, he said, "it goes away, and there's not a longer-term impact on brands or companies. In an interview on CNBC, he praised the president as pro-business and a real asset for the nation just as debate raged over an executive order to halt the U.S. admission of people from Muslim-majority countries. [12], Before living in Lutherville, he lived in the Georgetown section of Washington, DC. SEC Is Investigating And Sends Kevin Plank A Wells Notice. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The modern Democratic Party is based on the Democratic Republicans, while the modern Republican Party has grown since 1854. [11] Under Armour's first shirt was the #0037, which Plank sold from his car. "Trump, Plank told the network, "wants to build things. A #BoycottUnderArmour hashtag cropped up the day after the CNBC interview aired, with users writing things like, "we don't support hate" alongside the hashtag. He stepped down from the council following President Trump's comments on violence in Charlottesville, Virginia, saying Under Armour "engages in innovation and sports, not politics". World-renowned athletes like Olympic . Where could Tom Brady land next, and does anybody want him? The company announced on October 22 that Kevin Plank would be stepping down as CEO after 23 years. Under Armor is a leading brand in womens clothing, offering sports bras, leggings, and tank tops in addition to its extensive line of mens clothing. Under Armours founder and CEO, Kevin Plank, has been a successful philanthropist as well as an investor. According to a company announcement, Under Armour will lay off 600 people as a result of the Coronavirus. Within 24 hours, the hashtag had been tweeted a little more than 1,500 times, according to Keyhole, a hashtag tracker for Twitter.That's a fraction of the nearly 140,000 #deleteUber tweets that appeared by 3 p.m. Jan. 29 after that social media campaign began the evening before, Keyhole data shows.Still Under Armour sought Wednesday morning to mitigate any fallout by issuing its statement. In the letter published by the Baltimore Sun, he wrote that his company stands for equal rights and reinvigorating American manufacturing. 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. As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. She said Under Armour's response didn't change her mind about plans to stop buying the Under Armour yoga pants and sweatshirts she wears to work out. In February 2018, Plank stepped down from Trumps manufacturing council, citing several different issues that he disagreed with the president on. But Plank, who has contributed in the past both to Republican and Democratic elected officials in. [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. Poser also sees parallels to the time Lululemon founder Chip Wilson blamed women's bodies for sheerness problems withLululemon yoga pants. He came out against Trumps travel ban, vowing to join a coalition of companies to oppose such policies. Kevin Plank is an entrepreneur and businessman best known for founding Under Armour, a sports apparel brand. "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. Planks tortured journey began in February, when the CEO of the Baltimore-based sportswear-maker declared himself a fan of Trump. 37 on Businessperson of the Year list by, No. 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. 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. Reflects change since 5 pm ET of prior trading day. Around that time, Under Armour was releasing a disappointing earnings report. Under Then a Wall Street analyst downgraded the company. "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. 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. [58], Plank sat on the President Trump's American Manufacturing Council. 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.". Kevin Plank, the CEO of Under Armour, has resigned from the company. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. 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