Below Armour stated Wednesday that it has employed Marriott Worldwide President Stephanie Linnartz to be its subsequent CEO, capping off a seven-month hunt for a brand new boss that the corporate hopes will develop its digital enterprise.
Linnartz, who has been with Marriott since 1997, was considered one of 60 candidates thought-about for the position. Whereas athletic attire is a giant leap from the hospitality enterprise, she was chosen for her digital prowess and success in remodeling the lodge chain’s on-line presence, Below Armour founder and Government Chairman Kevin Plank advised CNBC.
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“She’s actually a learner,” Plank stated. “She’s acquired that mental curiosity and she or he’s coming in with the point-of-view as a professional.” He stated the corporate is leaning into its priorities of “digitization, product and model” after a transition interval of 5 or 6 years.
Linnartz, who began as a monetary analyst at Marriott in 1997, will begin her new job on Feb. 27.
Colin Browne has been serving as interim CEO since June after Below Armour’s earlier prime govt, Patrik Frisk, unexpectedly resigned in Might. Browne will resume his place as chief working officer, the corporate stated in a information launch.
Plank stated the corporate is not in search of a significant change in course and that it “actually” likes the technique at the moment in place, however he acknowledged the model is “not rising as a lot as we wish.”
Below Armour has been searching for to construct out its e-commerce operations, enhance earnings and compete with rival manufacturers Nike and Lululemon because it struggles with low margins, pricey litigation and a slashed fiscal yr outlook.
The corporate is banking on Linnartz’s expertise main Marriott’s multibillion-dollar digital transformation to speed up Below Armour’s on-line initiatives.
Below Armor’s new CEO Stephanie Linnartz
Courtesy: Below Armour
Throughout her tenure at Marriott, Linnartz grew its Bonvoy loyalty program to 173 million members and delved into the sports activities world when she developed multi-year partnerships with the NFL, the NCAA and the Mercedes-AMG PETRONAS F1 Workforce.
In a launch Wednesday, Marriott CEO Anthony Capuano praised Linnartz as an “unimaginable govt.” She’s going to go away the corporate Feb. 24, three days earlier than she begins at Below Armour.
“It has been one of the vital and finest experiences of my life to construct a profession at Marriott,” Linnartz stated within the launch.
She can be a member of Dwelling Depot’s board of administrators. She’s going to be capable of deliver that retail background and perception to the place, Plank stated.
Plank stated he’ll stay as model chief and govt chairman, and can proceed to be “concerned within the enterprise in an vital manner.”
“It will likely be a partnership. She and I will likely be companions. We’re not hiding from that,” stated Plank.
Below Armour started with humble roots in 1996. Plank, a former soccer participant, developed the prototype for the model’s signature moisture wicking shirt whereas a pupil on the College of Maryland and later perfected his designs out of his grandmother’s basement in Georgetown.
By 2005, he took the Baltimore-based firm public and on its first day of buying and selling, its worth doubled.
5 years later, Below Armour had quadrupled its revenues and surpassed $1 billion.
Most lately, the corporate reported $1.57 billion in gross sales of their fiscal second quarter, up 2% from the prior yr, together with a web revenue of $87 million.