Under Armour picks Marriott exec Stephanie Linnartz to be new CEO after seven-month search

Under Armour said Wednesday that it has hired Marriott International President Stephanie Linnartz to beryllium its adjacent CEO, capping disconnected a seven-month hunt for a caller brag that the institution hopes volition turn its integer business. 

Linnartz, who has been with Marriott since 1997, was 1 of 60 candidates considered for the role. While diversion apparel is simply a large leap from the hospitality business, she was selected for her integer prowess and occurrence successful transforming the edifice chain's online presence, Under Armour laminitis and Executive Chairman Kevin Plank told CNBC. 

"She's truly a learner," Plank said. "She's got that intelligence curiosity and she's coming successful with the point-of-view arsenic a pro." He said the institution is leaning into its priorities of "digitization, merchandise and brand" aft a modulation play of 5 oregon six years.

Linnartz, who started arsenic a fiscal expert astatine Marriott successful 1997, volition commencement her caller occupation connected Feb. 27.

Colin Browne has been serving arsenic interim CEO since June aft Under Armour's erstwhile apical executive, Patrik Frisk, unexpectedly resigned in May. Browne volition resume his presumption arsenic main operating officer, the institution said successful a quality release. 

Plank said the institution isn't looking for a large alteration successful absorption and that it "really" likes the strategy presently successful place, but helium acknowledged the marque is "not increasing arsenic overmuch arsenic we want." 

Under Armour has been seeking to build retired its e-commerce operations, boost profits and vie with rival brands Nike and Lululemon arsenic it struggles with debased margins, costly litigation and a slashed fiscal twelvemonth outlook. 

The institution is banking connected Linnartz's acquisition starring Marriott's multibillion-dollar integer translation to accelerate Under Armour's online initiatives. 

During her tenure astatine Marriott, Linnartz grew its Bonvoy loyalty programme to 173 cardinal members and delved into the sports satellite erstwhile she developed multi-year partnerships with the NFL, the NCAA and the Mercedes-AMG PETRONAS F1 Team. 

In a merchandise Wednesday, Marriott CEO Anthony Capuano praised Linnartz arsenic an "incredible executive." She volition permission the institution Feb. 24, 3 days earlier she starts astatine Under Armour.

"It has been 1 of the astir important and champion experiences of my beingness to physique a vocation astatine Marriott," Linnartz said successful the release.

She is besides a subordinate of Home Depot's committee of directors. She volition beryllium capable to bring that retail inheritance and penetration to the position, Plank said. 

Plank said helium volition stay arsenic marque main and enforcement chairman, and volition proceed to beryllium "involved successful the concern successful an important way."

"It volition beryllium a partnership. She and I volition beryllium partners. We're not hiding from that," said Plank.

Under Armour began with humble roots successful 1996. Plank, a erstwhile shot player, developed the prototype for the brand's signature moisture wicking garment portion a pupil astatine the University of Maryland and aboriginal perfected his designs retired of his grandmother's basement successful Georgetown. 

By 2005, helium took the Baltimore-based institution nationalist and connected its archetypal time of trading, its worth doubled. 

Five years later, Under Armour had quadrupled its revenues and surpassed $1 billion.

Most recently, the institution reported $1.57 cardinal successful income successful their fiscal 2nd quarter, up 2% from the anterior year, on with a nett income of $87 million.