Under Armour
American sports company Under Armour has announced the return of its founder, Kevin Plank, as President and CEO, taking over from the outgoing Stephanie Linnartz, effective April 1.
Kevin Plank will no longer serve as Executive Chairman of the Board but will retain his position as a director. Stephanie Linnartz will continue to serve as an advisor to the company until April 30.
At the same time, Mohamed A. El-Erian, who has served as an independent director since 2018 and as lead director since 2020, will assume the role of Non-Executive Chairman of the Board.
Kevin Plank founded Under Armour in 1996 and served as CEO and Chairman of the Board from the company’s inception until 2019. In January 2020, he was appointed Executive Chairman and Brand Chief.
Since 2016, Under Armour has encountered a series of challenges, including slowing sales growth, losses, and a declining stock price. Patrik Frisk, the brand’s former COO, officially replaced Kevin Plank as CEO in January 2020, but left the company in June 2022. In February 2023, Stephanie Linnartz, former President of Marriott International, joined the company as CEO.
For the fiscal quarter ending December 31, 2023, Under Armour’s net revenue fell 6% to $1.49 billion. As of March 13, Under Armour’s market capitalization stood at $3.46 billion.
Allbirds
San Francisco-based innovative lifestyle brand Allbirds has announced the promotion of COO Joe Vernachio to CEO and his addition to the board of directors, succeeding co-founder Joey Zwillinger, effective March 15.
Joey Zwillinger will retain his position on the board and will serve as a special advisor to the company.
In his new role, Joe Vernachio will oversee all business operations and continue to drive Allbirds’ strategic transformation plan. With decades of experience in the retail industry, Joe Vernachio has been Allbirds’ COO since June 2021, taking on additional responsibilities, including overseeing commercial and international business, since 2023.
Before joining Allbirds, Joe Vernachio served as president of outdoor gear brand Mountain Hardwear for four years and worked at The North Face for seven years, eventually becoming Vice President of Global Product. Early in his career, he held leadership positions at global brands such as Patagonia, Nike, Roots, Calvin Klein, and Spyder.
In 2014, Joey Zwillinger and former New Zealand soccer player Tim Brown co-founded Allbirds, known for its comfortable, machine-washable footwear made from New Zealand wool and its commitment to environmental sustainability. The company went public on the NASDAQ in 2021. However, it has since faced challenges, including the impact of the pandemic and strategic missteps, leading to declining performance and profitability issues. In May 2023, co-founder Tim Brown stepped down as co-CEO to become Chief Innovation Officer.
For the fiscal year ending December 31, 2023, Allbirds reported a 14.7% decrease in sales to $254 million and an increased net loss of $153 million, with an adjusted EBITDA of -$78.4 million. Starting in 2023, Allbirds initiated a series of transformation plans, including shifting from a direct-to-consumer model to a third-party distributor model. This year, the company has already reached agreements with partners in several global markets.
As of March 13, Allbirds’ stock price had fallen 19.33% to $0.75 per share, with a market capitalization of $115 million.
Brooks Running
Brooks Running announces president and COO Dan Sheridan as new CEO, succeeding the departing Jim Weber, with 23 years in position, effective April 26.
Dan Sheridan, who joined the company in 1998 and has held leadership positions across multiple areas, was appointed COO in 2019 and promoted to President and COO in 2022. Recently, he has driven strategic transformations, expanding business models while managing supply chains and operations, accelerating the brand’s digital transformation, and implementing a multi-channel strategy.
Additionally, Matt Dodge, Vice President and General Manager of Brooks International, will become President and COO.
In recent months, Brooks has announced several executive appointments:
- Carson Caprara, who joined the brand in 2005, was promoted to Senior Vice President of Footwear in May 2023, leading all footwear design, development, product management, and merchandising;
- Christophe Mahaut was promoted to Senior Vice President of Supply Chain Operations in May 2023, leading global operations and strengthening end-to-end systems from factory to consumer;
- Gabriel Rodriguez was appointed Vice President of Apparel and Accessories in 2024, leading all design, development, product management, and merchandising for the global apparel business;
- Katie Carlson was promoted to Senior Vice President and Chief Human Resources Officer.
Perfect Moment
London-based luxury lifestyle brand Perfect Moment, known for its skiwear, jackets, swimwear, and activewear collections, has appointed Thom Humphris as Creative Director. Based in London, Thom Humphris will work closely with Perfect Moment co-founder and Chief Creative Officer Jane Gottschalk to execute and maintain the brand’s vision, oversee its development, and help expand into new categories and regions.
Thom Humphris’s career began at British luxury brand Burberry, followed by roles at Swedish fashion brand Acne Studios in 2011 and British fashion brand Fred Perry. He returned to Burberry in 2018 as Senior Director of Menswear, later overseeing the Pre-collection series for menswear. Since August last year, Thom Humphris has been providing freelance services to Perfect Moment. The brand went public on the New York Stock Exchange on February 8 this year.
The 2024 winter collection from Perfect Moment is set to be previewed in April and will be available for retail in October.
| Source: Official press releases, MFFASHION, FashionNetwork
| Image Credit: Brand websites, personal LinkedIn accounts
| Editor: LeZhi
