Underneath Armour stated Wednesday that it has employed Marriott Worldwide President Stephanie Linnartz to be its subsequent CEO, capping off a seven-month hunt for a brand new boss that the corporate hopes will develop its digital enterprise.
Linnartz, who has been with Marriott since 1997, was one among 60 candidates thought of for the position. Whereas athletic attire is a giant leap from the hospitality enterprise, she was chosen for her digital prowess and success in reworking the lodge chain’s on-line presence, Underneath Armour founder and Government Chairman Kevin Plank instructed CNBC.
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“She’s actually a learner,” Plank stated. “She’s bought that mental curiosity and he or she’s coming in with the point-of-view as a professional.” He stated the corporate is leaning into its priorities of “digitization, product and model” after a transition interval of 5 – 6 years.
Linnartz, who began as a monetary analyst at Marriott in 1997, will begin her new job on Feb. 27.
Colin Browne has been serving as interim CEO since June after Underneath Armour’s earlier high government, Patrik Frisk, unexpectedly resigned in Could. Browne will resume his place as chief working officer, the corporate stated in a information launch.
Plank stated the corporate is not on the lookout for a serious change in path and that it “actually” likes the technique at present in place, however he acknowledged the model is “not rising as a lot as we wish.”
Underneath Armour has been looking for to construct out its e-commerce operations, enhance earnings and compete with rival manufacturers Nike and Lululemon because it struggles with low margins, expensive litigation and a slashed fiscal 12 months outlook.
The corporate is banking on Linnartz’s expertise main Marriott’s multibillion-dollar digital transformation to speed up Underneath Armour’s on-line initiatives.
Underneath Armor’s new CEO Stephanie Linnartz
Courtesy: Underneath Armour
Throughout her tenure at Marriott, Linnartz grew its Bonvoy loyalty program to 173 million members and delved into the sports activities world when she developed multi-year partnerships with the NFL, the NCAA and the Mercedes-AMG PETRONAS F1 Crew.
In a launch Wednesday, Marriott CEO Anthony Capuano praised Linnartz as an “unbelievable government.” She’s going to go away the corporate Feb. 24, three days earlier than she begins at Underneath Armour.
“It has been probably the most important and greatest experiences of my life to construct a profession at Marriott,” Linnartz stated within the launch.
She can be a member of Dwelling Depot’s board of administrators. She’s going to have the ability to carry that retail background and perception to the place, Plank stated.
Plank stated he’ll stay as model chief and government chairman, and can proceed to be “concerned within the enterprise in an vital means.”
“It will likely be a partnership. She and I shall be companions. We’re not hiding from that,” stated Plank.
Underneath Armour started with humble roots in 1996. Plank, a former soccer participant, developed the prototype for the model’s signature moisture wicking shirt whereas a scholar on the College of Maryland and later perfected his designs out of his grandmother’s basement in Georgetown.
By 2005, he took the Baltimore-based firm public and on its first day of buying and selling, its worth doubled.
5 years later, Underneath Armour had quadrupled its revenues and surpassed $1 billion.
Most lately, the corporate reported $1.57 billion in gross sales of their fiscal second quarter, up 2% from the prior 12 months, together with a internet revenue of $87 million.