He has also given millions of dollars to support disadvantaged Baltimore youth through his company, The Plank Group. (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.) Kevin Plank. Larry Hogan and Baltimore Mayor Stephanie Rawlings-Blake on Wednesday. Political parties began with the . 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. Who is Kevin Plank's wife? Shares of Under Armour opened for Wednesday trading in negative territory but turned positive mid-morning; the stock is currently up 0.2%. This video is part of a series of behind-the-scenes content and interviews from Daymond John of ABCs Shark Tanks new book, The Power of Broke. Shortly after the president took office, Plank joined his White House Manufacturing Jobs Initiative in an advisory role. 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. The Under Armour founder discusses early lessons and pivotal decisions. Bean in return on Twitter.) Planks tortured journey began in February, when the CEO of the Baltimore-based sportswear-maker declared himself a fan of Trump. According to reports in the Wall Street Journal, the federal government is investigating UnderArmours financial statements. [50] He is also responsible for the development of the Cupid's Cup business competition. He came out against Trumps travel ban, vowing to join a coalition of companies to oppose such policies. "Commentary by CEO Kevin Plank in a polarized political climate and the pointed response by Stephen Curry make it nearly impossible to effectively build a cool urban lifestyle brand in the foreseeable future," Poser wrote in a research note Wednesday. Adidas "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. [52] In 2015, Plank pledged $16 million to St. John's College High School in Washington, DC, to fund athletics, academics and entrepreneurship initiatives. [10] He graduated in 1996[3][11] with a bachelor's degree in business administration. Year-over-year, it's down more than 47%. 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. Most concerning of all to the company is the slowdown in sneakes. Actor Kevin Costner said he was OK with losing fans over his political views, saying he didnt really care how the cookie crumbles when he backed Rep. Liz Cheney (R-Wyo.) He took the stock from positive to neutral and slashed its price target from $40 to $24 following disappointing fourth quarter earnings results. [40], Plank renovated the former Recreation Pier building in Fells Point, Baltimore. [10], However, he went to University of Maryland, College Park and walked onto the team there. 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. It was bad for business. [5], A turning point for him came late in 1999, when Plank used nearly all of Under Armour's money, and employees agreed to go without pay for a few weeks, so the company could take out a $25,000 advertisement in ESPN The Magazine. Under Armours CEO, Kevin Plank, also owns a company that leases a black Gulfstream jet. )It's not the first time Under Armour has found itself caught on the horns of a polarizing issue. "We stand firmly for equal rights," Plank wrote. Kevin Plank, the CEO of Under Armour, will step down but continue to serve as the brands executive chairman and CEO. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. NBA On some visits, employees charged hundreds of dollars there to the company, the paper reported, citing unnamed sources. 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. "My business is sports, health and fitness, but the things I like to do are horse racing and whiskey," the Under Armour founder told a crowd of UA and political dignitaries like Maryland Gov. And Under Armour wants to have it both ways. Social media has fueled resentment and protests. But if Trump were to start tweeting about Nikes superiority to his brand, Plank might not like that, either. "Regardless of Plank's political views or whether his comment was meant to be a Trump endorsement or a general opinion, we believe the decision to express a view in today's highly charged political climate was a mistake," Poser said. At Under Armour, our culture has always been about optimism, teamwork, and unity. And I personally believe that immigration is the foundation of our country's exceptionalism.". The jiggle-joint jaunts were just one example of a history of hostile behavior toward women at the company under Plank, according to the explosive article. 21 on 50 Most Influential People in Sports Business by, No. Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. [40] He was initially approached about creating a vineyard, but being a whiskey enthusiast he asked his business partner to research whiskey. Under Armour has had difficulty keeping up with its competitors in recent years. But both times, Planks comments have been measured. As he followed Fraziers move yesterday, Plank said he would focus on promoting unity, diversity, and inclusion through the power of sport. As of October 2021, the net worth of Kevin Audette Plank is estimated to be US$1.8 billion. Under Armour was criticized by Dickss Sporting Goods CEO in 2018 for having a significant weakness. [27][28], Plank is a member of the board of trustees for the National Football Foundation. Exploring The Possibilities Of Powered Rails: Fly High Into The Sky! 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. 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. star and prominent Under Amour endorser Stephen Curry responded, "I agree with that description [of Trump], if you remove the 'et" from asset. (Paramount) [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. Early Days Plank was born on August 13, 1972, and raised in Kensington, Maryland, where his mother served as mayor and father as a property developer. Curry made his concerns heard as well. "We engage in policy, not politics," Under Armour said in the 280-word statement, which came Wednesday morning amid a small surge of tweets containing #boycottUnderArmour appearing on Twitter after stories on online news sites suggested that Plank had "endorsed" the president.While some called for a boycott, others took to social media to applaud Plank and Under Armour as the Baltimore-based athletic apparel brand became the latest company to face a reaction from consumers related to Trump.Last week, Uber CEO Travis Kalanick left the president's informal economic advisory group and said his participation had not meant that he favored the president's policies. 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? Put simply, Under Armour has been unable to establish itself as a cool street brand. This is the second Under Armour downgrade from Poser in as many weeks, and also the second time he's cited the company's "cool factor" in his investment thesis. He wants to make bold decisions and be really decisive." He started his business there and still runs it in Maryland today. Terms & Conditions. He lived in Lutherville as a resident of Georgetown before moving to Washington, DC. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. GQ may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. In 2020, as City Council president, he approved a $148 million tranche of TIF bonds, which financed the cost of engineering, design . 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. We have reached out to the brand with some follow-up questions and will update this post if and when they reply. " The president isnt popular there or in any of the big cities in that part of the country. "We believe that immigration is a source of strength, diversity and innovation for global companies based in America like Under Armour. "So there's a lot that I respect there.". 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. The company has had bad news all year, with its stock price declining and workforce cuts reportedly on the way. The company announced on October 22 that Kevin Plank would be stepping down as CEO after 23 years. Make Your Own Push Up Bars At Home: A Simple And Effective Way To Boost Your Strength Training Routine, Pushing Up Changes In Git: A Step-by-Step Guide, Make Your Small Breasts Look Fuller And Perkier: Tips And Tricks For Pushing Up Your Chest, Unlock Your Potential With Push Up Handles: An In-Depth Look At The Benefits And Uses, Push Yourself To The Limit: Simple Steps To Improve Your Push Up Stamina And Maximize Your Workout, Maximizing The Effectiveness And Safety Of The Concentric Phase Of A Push Up. 2023 Forbes Media LLC. "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. "Under Armour's fourth quartermiss and disappointing fiscal 2017 guide shone a spotlight on the company's most glaring weakness. Plank had said in an interview on CNBC that Trump was "an asset to the country." 4. All rights reserved. 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. Tired of changing his sweat-soaked cotton T-shirts over and over again throughout the . In the note, hedowngraded Under Armour from "neutral" to "negative" and took its price target from $24 per share to $14 per share. Just hours before the Idaho slayings, another grisly scene unfolded outside Bryan Kohberger's window, Polar bear kills woman, boy in remote Alaska village, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, Sunny skies, cool temps expected for most of SoCal on Wednesday, North Atlantic right whale is "likely to die" after becoming entangled, NOAA says. Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. By joining other CEOs in quitting a White House advisory council, he may have hoped his company would finally be free of the controversy. 23 Kevin Plank", "The 100 most influential leaders in marketing, media and tech", "Under Armour To Receive FN's 2015 Brand Of The Year Award", "America's Most Powerful CEOs 40 And Under", "Under Armour CEO Kevin Plank named one of SI's most powerful people in sports", https://en.wikipedia.org/w/index.php?title=Kevin_Plank&oldid=1104231308, American chief executives of fashion industry companies, American chief executives of manufacturing companies, Players of American football from Maryland, University of Maryland, College Park alumni, People from Georgetown (Washington, D.C.), Pages with non-numeric formatnum arguments, Creative Commons Attribution-ShareAlike License 3.0, No. I personally believe that immigration is the foundation of our countrys exceptionalism, wrote Plank. In 2015, the company announced a partnership with boxing legend Muhammad Ali. [12], His roommate at Maryland was football player and professional wrestler Darren Drozdov. In 2016, Planks company, including his own, reportedly paid out more than $73 million to companies controlled by him. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. 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. 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. In the ad, Plank said Under Armour stood for job creation, but publicly opposed the president's proposed travel ban. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. [17] He also asked his former teammates to try on the shirts, claiming that his alternative to a cotton T-shirt would enhance their performance on the field. [61], "Kevin Plank donates $1 million to Baltimore Catholic schools", "How Kevin Plank turned a single idea into a global brand", "2003 Businessperson of the year: The man behind the 'armour', "Under Armour founder gives $16 million to St. John's College High", "How the founder of Under Armour went from getting kicked out of high school to running a $22 billion company", "From rags to microfiber: inside the rapid rise of Under Armour", "WWE's Darren Drozdov thrives 15 years after being paralyzed during match", "Five finalists chosen for Kevin Plank's Cupid's Cup competition", "Taking on the giants: How Under Armour founder Kevin Plank is going head-to-head with the industry's biggest players", "Kevin Plank is betting almost $1 billion that Under Armour can beat Nike", "20 things you didn't know about Under Armour", "Under Armour founder breaks into billionaires club", "Under Armour acquires weight loss app, MyFitnessPal, for $475 million dollars", "Under Armour Buys Apps in Bid to Become Top Fitness Tracker", "Kevin Plank Is Betting Almost $1 Billion That Under Armour Can Beat Nike", "Under Armour exits yet another school sponsorship deal as part of big shrink". 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