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Source: Wayne Taylor/AFL Photos / Getty

Under Armour founder Kevin Plank will step down as CEO to become the company’s executive chairman and brand chief.

In 2020 Patrik Frisk, who is president and chief operating officer, will be the company’s second CEO since it was founded in 1996.

Frisk will report to Plank and will take a seat on the board.

According to reports, the Baltimore company’s shares are down 23% since July.

 

 

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