Under Armour Inc (NYSE:UA) shares are trading lower Thursday after the company announced a CEO transition.
Patrik Frisk will step down as president, CEO and as a member of the board, effective June 1.
"It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates. I am extremely proud of what we've accomplished as a team," Frisk said.
Related Link: Under Armour Announces CEO Transition: What Investors Should Know
The Under Armour board said it will launch a comprehensive search for a permanent successor to Frisk. Until a successor is named, the board has appointed COO Colin Browne to interim President and CEO. Frisk will remain with Under Armour as an advisor through Sept. 1.
"Colin has an intimate understanding of the Under Armour business and our industry. I have every confidence that his stewardship will allow for a seamless transition," Frisk added.
UA Price Action: Under Armour shares are making new 52-week lows on Thursday.
The stock was down 15.9% at $8.17 at press time.
Photo: courtesy of Under Armour.
