BALTIMORE, MD — The founder of athletic retail powerhouse Under Armour is giving up his position as chief executive officer, the company announced Tuesday morning. Current CEO Kevin Plank will continue in a different leadership role.

Plank will retain the title of chairman of the board, while Under Armour President Patrik Frisk will take over as CEO on Jan. 1, according to a statement from the Baltimore-based company.

Frisk was named chief operating officer in 2017, and the company’s founder said this was part of a long-term strategy to transition leadership.

“Patrik is the right person to serve as Under Armour’s next CEO,” Plank said in a statement. “Our multi-year, transition approach has ensured purposeful leadership continuity.”

Frisk came to Under Armour from ALDO, the footwear company where he was the CEO. His jobs before that included being president of Timberland and North Face, among others.

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Since joining Under Armour in 2017, Frisk has been “exceptional” in “re-engineering our ecosystem through a strategic, operational and cultural transformation,” Plank said in a statement, calling the past several years the “most transformative chapter in our history.”

Plank founded Under Armour in 1996. He is a University of Maryland graduate who started Under Armour while living in his grandmother’s Georgetown home because he wanted athletic wear that could wick away sweat. He headquartered the company in Locust Point in 1998, and lives in northern Baltimore County.

Plank has been ranked among Maryland’s wealthiest residents but was not listed on the latest Forbes “billionaires list” released in October. He was on the list as recently as March.

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