Corporate Governance (2024)

Corporate Governance (1)

Under Armour Announces Changes to Executive Leadership Team

Under Armour, Inc. (NYSE: UA, UAA) today announced a series of senior executive leadership team changes supporting the company's Protect This House 3 (PTH3) strategy.

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Equality Has No Offseason

At Under Armour, ‘Stand for Equality’ has always been a core value, meaning we stand with underrepresented groups, such as the LGBTQIA+ community, year-round and remain committed to creating better representation in sport, around the world, and in our own community.

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Under Armour Appoints Carolyn Everson and Patrick Whitesell to its Board of Directors

Under Armour, Inc. (NYSE: UA, UAA) today announced the appointment of Carolyn Everson and Patrick Whitesell as members of its Board of Directors effective Feb. 1, 2023. In addition, longtime member Harvey Sanders will retire from Under Armour's Board on March 31, 2023.

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UA Elevates the Game to Reach More HBCU Student Athletes Off the Court, Uplift Vision of Black Teammates and Voices of Community Partners

Under Armour believes that the power of sport can unite, inspire, and change the world. We are on a mission to empower the voices of our underrepresented athletes, teammates, and communities in our ongoing effort to Stand for Equality. We continue to celebrate the importance of Black History Month by delivering upon this mission.

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Under Armour Announces Stephanie Linnartz as President and CEO

Stephanie Linnartz will join Under Armour as President, Chief Executive Officer, and member of its Board of Directors, effective February 27, 2023.

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UA Welcomes The Next Generation Of Athletes No One Saw Coming To Baltimore Headquarters

Today athletes are faced with challenges both on and off the field. Spurred by social media there is more noise than ever and the youth athletes of today are faced with comparisons at every turn. Rising above the noise, the most confident athletes all have one thing in common - they forge their own path to greatness.

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Quarterly Results

Latest earnings results and historical data.

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Annual Stockholder Meeting

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Focused on performance in our business and at the bottom line.

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Under Armour Announces CEO Transition

Under Armour, Inc. (“the company”) (NYSE: UA, UAA), today announced that Patrik Frisk will step down as President and Chief Executive Officer (CEO) and as a member of the Board of Directors (board), effective June 1, 2022. The board has initiated a comprehensive internal and external search process to identify a permanent President and CEO. Until a successor is named, the board has appointed Colin Browne, the company’s Chief Operating Officer (COO), as interim President and CEO, effective June 1, 2022. To support the transition, Frisk will remain with Under Armour as an advisor through September 1, 2022. “On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years,” said Kevin Plank, Under Armour Founder, Executive Chairman and Brand Chief. “During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase. As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.” Plank continued, “Under Armour is evolving to meet the needs of our athletes worldwide. As we transition, we are committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates. There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it.” Frisk, who joined Under Armour in 2017, helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems, and go-to-market process. Under his leadership, the company delivered industry-leading products, deepened relationships with consumers and customers, and advanced its purpose, vision, mission, and values. “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,” said Frisk. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. 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.” Browne said, “What unifies and drives Under Armour is our purpose: to empower those who strive for more. This transition is an opportunity to further our long-term goals. I am grateful for Patrik’s leadership and partnership. As we work to deliver industry-leading innovation and premium experiences to athletes globally, we remain focused on amplifying the strong foundation that’s been set over the past few years.” Since joining the company in 2016, Browne modernized Under Armour’s digital go-to-market strategy and direct-to-consumer model and transformed its supply chain organization, leading to significant margin improvement and operating efficiency. Browne has held the role of COO since 2020 and oversees supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy, and distribution capabilities. Browne has been an integral part of the company's successful transformation, and his leadership has been critical to navigating global supply challenges caused by the pandemic. About Under Armour, Inc. Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour’s innovative products and experiences are engineered to make athletes better. For further information, please visit Forward Looking Statements Some of the statements contained in this press release constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our future financial condition or results of operations, our prospects, and strategies for future growth, the impact of the COVID-19 pandemic on our business and results of operations, the development and introduction of new products, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “outlook,” “potential” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and are subject to risks, uncertainties, assumptions, and changes in circ*mstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: the impact of the COVID-19 pandemic on our industry and our business, financial condition and results of operations, including recent impacts on the global supply chain; failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner; labor or other disruptions at ports or our suppliers or manufacturers; changes in general economic or market conditions that could affect overall consumer spending or our industry; increased competition causing us to lose market share or reduce the prices of our products or to increase our marketing efforts significantly; fluctuations in the costs of raw materials and commodities we use in our products and our supply chain; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business and successfully execute any restructuring plans and realize their expected benefits; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping and engagement preferences and consumer demand for our products and manage our inventory in response to changing demands; loss of key customers, suppliers or manufacturers; our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; the impact of global events beyond our control, including military conflict; our ability to successfully manage or realize expected results from significant transactions and investments; our ability to effectively market and maintain a positive brand image; our ability to effectively meet the expectations of our stakeholders with respect to environmental, social and governance practices; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation or application of our global operating and financial reporting information technology system; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations, and the potential impact of new trade, tariff and tax regulations on our profitability; risks related to data security or privacy breaches; and our potential exposure to litigation and other proceedings. The forward-looking statements contained in this press release reflect our views and assumptions only as of the date of this press release. We undertake no obligation to update any forward-looking statement to reflect events or circ*mstances after the statement’s date or to reflect unanticipated events. Under Armour Contacts: Lance Allega, SVP, Investor Relations & Corporate Development, (410) 246-6810 Blake Simpson, SVP, Global Communications, Community Impact & Events, (443) 630-9959

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Charting Our Path Forward

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Under Armour Response to Russian Invasion of Ukraine

Like the rest of the world, we are shocked and saddened by Russia’s unprovoked attack on Ukraine. At Under Armour, one of our values is Stand for Equality. We believe in the power of democracy, the ultimate team sport. We are partnering with humanitarian groups to provide what is needed for those displaced and have also stopped all shipments into our sales channels in Russia. We are proud to stand with Ukraine against Russia’s attack on their democracy and will do what we can as a global company where standing for equality matters.

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Raising The Game with Historically Black Colleges and Universities, The Under Armour Way

At Under Armour, we have spent years building our focus on diversity and inclusion. As the Chief People and Administrative Officer, my primary goal has been to transform our culture including the way we think about our work, the way we engage in that work together and to build purpose into all that we do. That means turning our values into action, not just words. Last month, Under Armour announced a new, long-term commitment to create opportunities for millions of youth to engage in sports by 2030. Today, we’re taking another step, by expanding our partnership as the Official Outfitter of our hometown squad, Morgan State University in Baltimore, one of the nation’s premier historically Black colleges and universities (HBCUs). It’s not just a working agreement, but a template for how we want to elevate our work with HBCUs across the country in the years ahead to better engage with students to create a pipeline of top talent.

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To Baltimore with Love

This is a love letter. To a city that redefines resiliency. To the beauty and strength of the Black community that has so much to offer. To the connection and possibilities that sports bring.

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Leaning in to Stop the Spread

For 24 years, Under Armour has pushed the limits of the world of sports performance with product innovations developed to make all athletes better. Last week, the brand began putting that experience to work helping health care systems defend against the coronavirus pandemic. To support the University of Maryland Medical System’s (UMMS) 28,000 health care providers and staff, Under Armour has begun to manufacture and assemble face masks, face shields and specially equipped fanny packs, and is also exploring fabricating hospital gowns for the statewide medical system. The brand will also begin providing face masks to LifeBridge, a regional health care organization based in Baltimore. Additionally, Under Armour is currently discussing the needs for supplies with Johns Hopkins Medicine, MedStar and other local medical institutions. "When the call came in from our local medical providers for more masks, gowns and supply kits, we just went straight to work," said Randy Harward, SVP of Advanced Material and Manufacturing Innovation at Under Armour. “More than 50 Under Armour teammates from materials scientists to footwear and apparel designers from laboratories in Baltimore and Portland quickly came together in search of solutions.”

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Press Releases, Events & Presentations

The latest in Under Armour news and events.

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Stock Information

Latest stock updates and analyst coverage.

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Governance Guidelines

Our Board of Directors has created corporate guidelines to provide structure to how we operate and conduct business.

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Investor tool kit, alerts and FAQs.

Corporate Governance (2024)


Corporate Governance? ›

Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place.

What is corporate governance a form of answer? ›

Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place.

What are the 4 P's of corporate governance? ›

That's why many governance experts break it down into four simple words: People, Purpose, Process,and Performance. These are the Four Ps of Corporate Governance, the guiding philosophies behind why governance exists and how it operates. Let's have a look at exactly what each of the Ps means.

How would you describe good corporate governance? ›

Good corporate governance ensures that an organisation's board of directors meet regularly, retain control over the business and have clearly defined responsibilities. It also ensures a robust risk management system. Corporate governance is one of the cornerstones of any good business.

How do you deal with poor corporate governance? ›

Top ten steps to improving corporate governance
  1. Recognise that good governance is not just about compliance. ...
  2. Clarify the board's role in strategy. ...
  3. Monitor organisational performance. ...
  4. Understand that the board employs the CEO. ...
  5. Recognise that the governance of risk is a board responsibility.

What is good governance in simple words? ›

Good governance means that processes and institutions produce results that meet the needs of society while making the best use of resources at their disposal. The concept of efficiency in the context of good governance also covers the sustainable use of natural resources and the protection of the environment.

What are the 5 fundamentals of corporate governance? ›

The five principles of corporate governance are responsibility, accountability, awareness, impartiality and transparency.

Are there three key elements to corporate governance? ›

The three pillars of corporate governance are: transparency, accountability, and security. All three are critical in successfully running a company and forming solid professional relationships among its stakeholders which include board directors, managers, employees, and most importantly, shareholders.

What are the 5 characteristics of corporate governance? ›

Features of Corporate Governance

Corporate governance consists of five basic features: accountability, transparency, fairness, responsibility, and managing risks. Let's understand each of these.

What are the 7 characteristics of good governance? ›

According to the United Nations, Good Governance is measured by the eight factors of Participation, Rule of Law, Transparency, Responsiveness, Consensus Oriented, Equity and Inclusiveness, Effectiveness and Efficiency, and Accountability.

What are the 7 pillars of corporate governance? ›

Board Member, Strategy Leader, Founder,…

The pillars of successful corporate governance are: accountability, fairness, transparency, assurance, leadership and stakeholder management.

How do you measure effectiveness of corporate governance? ›

Here are some common metrics that you should consider tracking to help your organisation move forward in an effective manner.
  1. Achievement of strategic objectives. ...
  2. Operational and financial results. ...
  3. Organisational risks. ...
  4. Continuous improvement. ...
  5. Reporting systems performance.
Nov 16, 2021

What is an example of a failed corporate governance? ›

Perhaps the most notorious example on any list of corporate governance failures, Enron was an energy sector giant adored by Wall Street as a true innovator. In August 2000, Enron had a market capitalization of $70 billion and was outperforming the S&P 500 by over 200%. Fifteen months later, the company was bankrupt.

What is a weakness of corporate governance? ›

Perhaps the biggest disadvantage of corporate governance is that corporations must abide by a variety of formalities. This can include holding and documenting annual shareholders meetings and recording big decisions approved by the board of directors.

What can improve corporate governance? ›

How to achieve good corporate governance
  • Balance board composition. ...
  • Evaluate the board regularly. ...
  • Ensure director independence. ...
  • Ensure auditor independence. ...
  • Be transparent. ...
  • Define shareholder rights. ...
  • Aim for long-term value creation. ...
  • Manage risk proactively.
Oct 13, 2021

What is corporate governance quizlet? ›

Corporate Governance is 'a set of relationships between a company's board, its shareholders and other stakeholders. It also provides the structure through which the objectives of the company are set. '

What is corporate governance best defined as quizlet? ›

"Corporate governance" is best defined as: The formal system of oversight, accountability, and control for organizational decisions and resources. Because corporate ownership today is most often separated from corporate management and control, conflicts of interest between owners and operators can arise.

What is corporate governance and why is it important? ›

Corporate governance is about the way in which boards oversee the running of a company by its managers, and how board members are in turn accountable to shareholders and the company. This has implications for company behaviour towards employees, shareholders, customers and banks.

How do you answer corporate governance case study questions? ›

How to Answer CASE Study Case Questions on Strategy, Corporate Governance and Ethics
  • STEP 1: Read case study and questions carefully. ...
  • STEP 2: Identify the issues in the case study. ...
  • STEP 3: Link theory to practice. ...
  • STEP 4: Plan your answer. ...
  • STEP 5: Start writing your case study answer.

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