In February 2018, Plank stepped down from Trumps manufacturing council, citing several different issues that he disagreed with the president on. As some customers vowed to boycott the brand, three major endorsersStephen Curry, ballerina Misty Copeland, and actor Dwayne "The Rock" Johnsonwent on Twitter to express their opposition. [10] He graduated in 1996[3][11] with a bachelor's degree in business administration. At the time, Under Armour told The Post that its false to report that Kevin Plank used corporate dollars at strip clubs, and added that Plank didnt conduct business at strip clubs or use company funds at such venues.. Misty Copeland said she strongly disagreed. Much of the apparel-buying public did too, which is part of the risk when an executive speaks up about a polarizing politician. [3] He continued to use the "Cupid" name when he later launched his Cupid's Cup competition. [37], Plank Industries also bought and revamped the water taxi in Inner Harbor. As Under Armour founder and chairmen Kevin Plank unveiled a new brand message The Only Way is Through SEC filings revealed that in the last quarter a hedge fund made a significant bet on Under Armours future performance. Kevin Plank, a billionaire and philanthropist, is the founder and former CEO of Under Armour, one of the largest sportswear companies in the world. [40] He was initially approached about creating a vineyard, but being a whiskey enthusiast he asked his business partner to research whiskey. In North America, sales were $940 million, a slight decrease from the previous year. 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. When Mercks boss, Kenneth C. Frazier, announced hed leave the White Houses council, he said it was a matter of personal conscience to take a stance against intolerance and extremism. Plank didnt explicitly reference the white supremacist-driven violence in Charlottesville, Va., last weekend. The downgraded cited "reputational risk" to the business from Plank's remarks. Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. Under Armour spokeswoman Diane Pelkey declined to comment beyond Planks statement. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. [11][3] Frustrated by his cotton T-shirts' inability to keep him dry and comfortable, he searched for a material that would wick the sweat from his body. Planks tortured journey began in February, when the CEO of the Baltimore-based sportswear-maker declared himself a fan of Trump. In the note, hedowngraded Under Armour from "neutral" to "negative" and took its price target from $24 per share to $14 per share. "We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders," the statement said.The company, the statement said, seeks fair trade, tax reform and an "inclusive immigration policy that welcomes the best and the brightest and those seeking opportunity in the great tradition of our country. "Millennials and Generation Z want brands and retailers to be transparent about their stands on social issues," said Matt Powell, an NPD Group vice president and apparel, sports and footwear analyst. Political parties began with the . On Tuesday, Scott Paul, the president of the Alliance for American Manufacturing, said he was stepping down, because it was the right thing for me to do.. Tired of changing his perspiration-soaked cotton t-shirts . To revisit this article, visit My Profile, thenView saved stories. Kevin Owen McCarthy (born January 26, 1965) is an American politician who is the 55th and current speaker of the United States House of Representatives, serving since January 7, 2023. "If those values don't align with their views, they will take their business elsewhere. "But Mr. Plank has a company to run, and it sounds like that's what he's doing so I'd encourage investors to focus more on the fundamentals of the business and less on short-lived events such as these. [52] The project has converted Cole Field House, the school's former basketball arena, into the football facility, a sports medicine center and student entrepreneurship lab. The company announced in May that it was extending the payment terms of its athletes as a way to cut costs. Kevin Plank, a Georgetown Prep graduate, was expelled from the school after he was involved in an alcohol-filled fight. "I won't be buying their stuff anymore. His mother is a former mayor of Kensington, who went on to direct the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan. Kirk Cousins is never going to win anything because hes a Costco hotdog. Terms & Conditions. [21][22][23] Many long-term employees questioned Plank's strategy and whether the company would produce a return on their investment. Last summer, the company cut ties with a sponsored hunter whose husband had videoed himself spearing a baited bear in Canada.While animal advocates deplored the hunt, many in the hunting community took issue with Under Armour's decision to no longer sponsor the hunter.Politics may prove much more polarizing. said he isn't afraid to leave Under Armour. [41] The limestone aquifer on Plank's farm produced water fit to distill whiskey,[18] so Plank and business partner Bill McDermond founded Sagamore Spirit to restore Maryland's whiskey distilling tradition. For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first womens collection made in our hometown of Baltimore, MD. But to be clear, these comments aren't just about Trump's ideals, they're in support of key Trump policies, which has already inspired backlash: Previously, statements made by executives at L.L. Under Armor was established by Kevin Plank, a member of the University of Maryland football team who also founded the company. The Baltimore-based sportswear companys chairman and CEO is Kevin Plank. Plank got kicked out of his high school after an alcohol-fueled brawl with Georgetown U football players; he later walked onto the U. of Maryland's football team. Im a certified personal trainer with over 10 years of experience. With a minimum net worth of $2 billion, it is tougher than ever to stay on the Forbes 400. It was bad for business. We have teammates from different religions, races, nationalities, genders and sexual orientations; different ages, life experiences and opinions. [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. Im committed to making sure every client I work with gets the best results possible. Put simply, Under Armour has been unable to establish itself as a cool street brand. In November 2016, after Trump was elected president, several Under Armour athletes, including Steph Curry and Misty Copeland, publicly criticized Plank for his support of Trump. "Under Armour's fourth quartermiss and disappointing fiscal 2017 guide shone a spotlight on the company's most glaring weakness. The modern Democratic Party is based on the Democratic Republicans, while the modern Republican Party has grown since 1854. [16], Plank initially ran the business from his grandmother's townhouse in Georgetown. Within two years, Under Armour relocated its headquarters to Baltimore, and both company founder Kevin Plank and Baltimore Mayor Catherine ODonnell have since become synonymous with the city. Follow this author to stay notified about their latest stories. "A boycott made little sense, Kennedy added. Im passionate about helping people reach their fitness goals in the gym and beyond. Is Kevin Plank married? Denouncements from its own popular athletes (and their fan followings) over Planks stance on Trump has likely done little to sway shoppers. 6 on 50 Most Influential People in Sports by, No. "Sadia Khan, a nurse and graduate student from New Haven, Conn., registered her opposition on social media. JOBS! Ever since he expressed support for the new president, hes faced pressure from consumers and his own endorsers to revisit his position. Then a Wall Street analyst downgraded the company. Since 1957, GQ has inspired men to look sharper and live smarter with its unparalleled coverage of style, culture, and beyond. The walls are closing in on corporate employees as CEOs at Disney and Starbucks demand that workers start returning to A decades-long broken economy screwed over millennials, and their decision to delay having kids is fueling Americas Up from here? Since 2003, Plank has been married to Desiree Guerzon, and they have two children together in Lutherville, Maryland. [11] Under Armour's first shirt was the #0037, which Plank sold from his car. However, Planks support for Trump has not been without controversy. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices see photosPhoto Credit: Helen Norman, Style Director: Joseph De Acetis, Grooming: Kristan SerafinoClick for full photo gallery: Under Armour's CEO: Kevin Plank's Triple Crown Winning Style For the second straight year, Under Armour founder and chief executive, Kevin Plank, is on the Forbes Billionaire list. The name stuck. [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. Remember, Plank recently joined a council alongside Tesla's Elon Musk and others to work with Trump on increasing manufacturing jobs in the United States. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. Bean and New Balance were seen as endorsements of Trump and each were criticized. She said Under Armour's response didn't change her mind about plans to stop buying the Under Armour yoga pants and sweatshirts she wears to work out. 26 on Power 100 Most Influential Designers, Influencers and Leaders in the Shoe Industry by, No. He started Under Armour in 1996 in the basement of his grandmothers home with $15,000 and $40,000 in cash. [43], Plank donated $1 million through The Cupid Foundation to the Baltimore-based CollegeBound in 2016. star and prominent Under Amour endorser Stephen Curry responded, "I agree with that description [of Trump], if you remove the 'et" from asset. Kevin Plank, chairman and chief executive officer of Under Armour Inc., speaks during the Women's Wear Daily Apparel/Retail CEO Summit in New York, U.S., on Tuesday, Nov. 10, 2009. I'm not going to stop using a good quality product just because they don't have the same views I have. "So there's a lot that I respect there.". FORTUNE may receive compensation for some links to products and services on this website. You may opt-out by. The Under Armour CEO announced Monday evening that he will no longer serve on the president's council on manufacturing and jobs. Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. This is the core of our company. Bean faced boycott calls after it was reported that a granddaughter of its founder contributed to a political action committee backing Trump.Plank sits on a manufacturing advisory panel assembled by Trump that met with him the Monday after he was inaugurated. [9], Plank originally sought to call his new sportswear company Heart, but he could not trademark it. [47] He is also a member of the Board of Trustees for Living Classrooms, a Baltimore-Washington based non-profit organization dedicated to the hands-on education of young people using urban, natural and maritime environments as living classrooms". 23 on 50 Most Influential People in Sports by, No. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. Plank continued to pile on the praise of Trump's abilities saying, "I'm a big fan of people that operate in the world of 'publish and iterate' versus 'think, think, think, think, think', so there's a lot that I respect there.". Or, these statements could also be seen as a Hail Mary business move to appeal to new customers, as Under Amour's stock prices have been stagnant and its CFO just left the company. Put simply, Under Armour has been unable to establish itself as a cool street brand. Shares of Under Armour opened for Wednesday trading in negative territory but turned positive mid-morning; the stock is currently up 0.2%. We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. Shares of the company were up 2.6 percent in premarket trading. The brand's lifestyle attributes are not quite cool enough to compete with the likes of In 2020, as City Council president, he approved a $148 million tranche of TIF bonds, which financed the cost of engineering, design . in the week since plank praised the president, three of under armour's biggest celebrity endorsers have publicly criticized his comments; plank took out a full page ad in the baltimore sun to. We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders. "But Under Armour also saw support on social media.Jeff Kennedy, a small business owner from Georgia, felt compelled to respond to the barrage of comments berating Plank, tweeting his appreciation of Plank's support of pro-business policies and vowing to buy more Under Armour stock and clothing.Kennedy said he wanted to stand up for those business owners who are afraid to speak up and risk losing business. Kevin Plank allowed momentarily that a whiskey business may not be the most obvious offshoot of a sportswear company. During the interview, Plank raised concerns about the possible "border tax" Trump has floated.But Plank, who has contributed in the past both to Republican and Democratic elected officials in federal and state posts, said that having "such a pro-business president is something that's a real asset to this country. According to the companys statement Friday, it expects revenue to grow between 5% and 7% in the fiscal year that ends in March. He stepped down from the council following President Trump's comments on violence in Charlottesville, Virginia, saying Under Armour "engages in innovation and sports, not politics". "Loyola's Bell said Under Armour is handling the negative reaction in the best way possible. Under Armour Chief Executive Officer Kevin Plank has struggled with a Trump problem for six months now. Still, he remained on the advisory board. Under Armours founder and CEO, Kevin Plank, has been a successful philanthropist as well as an investor. Politics is infernally tricky and. In the mid 1990s he sold his first shirts from his grandmother's basement, exaggerating to early customers to make the company sound bigger. As of October 2021, the net worth of Kevin Audette Plank is estimated to be US$1.8 billion. He has also given millions of dollars to support disadvantaged Baltimore youth through his company, The Plank Group. 5 NBA players who will likely make their first All-Star appearance, ranked. [9][10] He was not recruited by the top-tier collegiate football programs. But spark a firestorm he did. [29], Plank bought the 630-acre historic Sagamore Farm in Baltimore County, Maryland, in 2007. "We are incredibly proud of this important first step in the evolution of creating more jobs at home. [59] Additionally, he publicly opposed President Trump's decision to withdraw from the Paris Accord[60] and was among the Fortune 500 CEOs to sign a pledge to promote workplace diversity and inclusion. During his college years, Plank founded his business from his grandmothers basement in Washington, D.C., and has since held the position of CEO. Because American political parties consist of many individuals with widely varied interests, planks are important and help organize the opinions and strategies for each political issue. While Under Armour has done well with its on-field merchandise, an initiative to expand beyond playing fields and onto city streets has proven tough. Most notably, he founded Under Armour, and he continues to serve as the company's Chairman and CEO. Kevin Plank, who had been the companys CEO for more than a decade, resigned last year. The 46-year-old Plank is also tight with former MSNBC. Larry Hogan and Baltimore Mayor Stephanie Rawlings-Blake on Wednesday. "Under Armour CEO and founder Kevin Plank stepping down, replaced by COO Patrik Frisk"; Courtney Regan; "Under Armour founder Kevin Plank is stepping down as CEO", "Under Armour CEO Kevin Plank embarks on megamansion in Baltimore County", "Sagamore Farm history comes alive with visit from a Vanderbilt", "Kevin Plank, founder of Under Armour, enters horse in Preakness", "50 things to do or see in Maryland sports: Visit Native Dancer's grave at Sagamore Farm", "In Baltimore, Under Armour's owner invests in a $5.5 billion bet on his city", "Remaking Baltimore's waterfront, with a splash of whiskey", "Plank's Sagamore Development plans start-up hub in Port Covington", "Sagamore Spirit debuts its distillery in Port Covington", "Under Armour's Kevin Plank enters the whiskey wars", "Historic Recreation Pier reopens as Sagamore Pendry Hotel", "Sagamore unveils first new Baltimore water taxi, a historic Chesapeake throwback", "Kevin Plank donates $1 million to Baltimore's CollegeBound Foundation", "Kevin Plank's foundation funds summer jobs for Cherry Hill students", "Greater Baltimore Committee backs Port Covington TIF", "Transportation workforce development to be top priorities for Greater Washington Partnership", "Kevin Plank, Living Classrooms Foundation unveil UA House in East Baltimore", "Under Armour re-imagines a community center in East Baltimore", "Kevin Plank's Cupid's Cup picks College Park startup for top prize", "Plank giving $25 million for UM athletic, academic project", "Under Armour's Kevin Plank gives $16 million to high school alma mater", "The Most Expensive House in Washington D.C. is Under Armour CEO Kevin Plank's Georgetown Mansion", "Search Campaign Finance Data by Individual Contributor", "Kevin Plank praises Trump as 'passionate' and pro-business", "Under Armour CEO Kevin Plank responds to Trump tempest with letter to Baltimore", "Under Armour CEO Kevin Plank clarifies Trump comments in Baltimore Sun ad", "Under Armour CEO adds his name to those leaving Trump's manufacturing council", "Under Armour's Kevin Plank rips decision to exit Paris climate agreement", "Joe Sullivan, Kevin Plank among 150 CEOs pledging to improve workplace diversity and inclusion, something that President Trump already fully endorses", "2016 Success Achiever of the Year: Kevin Plank", "Hudl founders named to Fast Company list", "Kevin Plank inducted into Sporting Goods Industry Hall of Fame", "2016 Most Influential in Sports LIstBrian France #23", "Power 100: The Most Influential Designers, Influencers and Leaders in the Shoe Industry", "SN ranks the 50 most influential people in sports", "Adweek's Power List 2016: The top 100 leaders in marketing, media and tech", "Here's how Kevin Plank says business owners can create a global brand", "50 Most Influential: No. [53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school. "Immediately after the interview aired, tweets with #boycottUnderArmour started to appear, citing Plank's comments. With de facto stock split, Under Armour ensures founder Kevin Plank will keep his grip on the apparel company. Just because you lose doesnt mean youre done; it doesnt mean youre even wrong, said Costner. Under Armour is a national business, and how the CEOs political views gel with his home states arent everything on their own. and This is a BETA experience. [52] In 2015, Plank pledged $16 million to St. John's College High School in Washington, DC, to fund athletics, academics and entrepreneurship initiatives. Under Armor is a leading brand in womens clothing, offering sports bras, leggings, and tank tops in addition to its extensive line of mens clothing. Earlier this year, the Journal also reported that 47-year-old Plank had a close relationship with MSNBC anchor Stephanie Ruhle and solicited her business advice over that of his own management team. We have always been committed to developing innovative ways to support and invest in American jobs and manufacturing. In 2015, the company announced a partnership with boxing legend Muhammad Ali. "Curry told the newspaper that he welcomed Under Armour's statement Wednesday, saying it represented the company he knows and stands with.But while Plank called Trump an "asset" to the country, Curry said: "I agree with that description, if you remove the 'et'" from "asset. He is building a 4 million-square-foot headquarters for Under Armour in Baltimore as part of a larger development called Port Covington. Plank would remain as Executive Chairman and Brand Chief. 2022 Fortune Media IP Limited. Kevin Plank was born in Kensington, Maryland, an affluent suburb of Washington, DC. [12], Before living in Lutherville, he lived in the Georgetown section of Washington, DC. Townhouse in Georgetown August 2022, at 16:24 we have teammates from different,! 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