Under Armor Inc said on Wednesday that Patrik Frisk will step down as president and chief executive officer effective June 1.
Shares of the Baltimore-based company fell 2.2% in expanded trading.
The clothing maker has named Chief Operating Officer Colin Browne as interim CEO while it looks for a permanent replacement.
The move comes as the company, like other U.S. companies, struggles with supply chain disruptions and China lockdowns, which have seen its shares plunge more than 50% this year.
Under Armor said Frisk, who joined Under Armor in 2017, will remain with the company as a consultant until September 1.
Browne joined Under Armor in 2016 and has been the Chief Operating Officer since 2020. (Reporting by Ananya Mariam Rajesh in Bengaluru; editing by Amy Caren Daniel and Maju Samuel)
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