Kevin Plank, who founded Under Armour in 1996 and has served as CEO ever since, is stepping aside. GettyUnder Armour’s billionaire founder and CEO Kevin Plank is giving up the top job after more than two decades running the athletic apparel company. Plank started the company in his grandmother’s basement in 1996 while he was a football player at the University of Maryland. He built Under Armour into a $5 billion (sales) sportswear behemoth that competed with Nike and inked major deals with athletes like NBA player Stephen Curry and ballerina Misty Copeland. In an effort to whittle down nearly $1 billion in inventory, it has been forced to offer frequent discounts on its products.

Source: Forbes October 22, 2019 13:58 UTC