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The founder of Under Armour is stepping down.

Kevin Plank will no longer be CEO at the new year. Instead, he’ll become the company’s executive chairman and brand chief.

President & Chief Operating Officer Patrik Frisk will become the Chief Executive Officer effective January 1, 2020.

The 56-year-old Frisk will report to Plank and will take a seat on the board.

You can read the full press release here.

Source: CBS Baltimore

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