As of October 2021, the net worth of Kevin Audette Plank is estimated to be US$1.8 billion. (Photo by Chip Somodevilla/Getty Images), Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market, "In this case, perception is reality. ," he wrote at the time. capability. 1.8 billion USD (2021) FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. And Under Armour wants to have it both ways. He was the youngest of five boys born to William and Jayne Plank. I am stepping down from the council to focus on inspiring & uniting through power of sport. Under Armor is a leading brand in womens clothing, offering sports bras, leggings, and tank tops in addition to its extensive line of mens clothing. President Donald Trump walks into the Roosevelt Room for a meeting with business leaders, including [+] Under Armour CEO Kevin Plank (center). Under Armour CEO Kevin Plank is a close friend of MSNBC anchor Stephanie Ruhle. He will join the board, while Plank transitions to executive chairman and brand chief. Who is Kevin Plank's wife? Plank had said in an interview on CNBC that Trump was "an asset to the country." 4. We have always been committed to developing innovative ways to support and invest in American jobs and manufacturing. Exploring The Possibilities Of Powered Rails: Fly High Into The Sky! There is no definitive answer to this question as Kevin Plank has never openly stated his political affiliation. Could Plank simply trying to curry favor with President Trump, in hopes he can help pass laws that could make their brand more profitableor at least give them a shout out on Twitter? He took out a full-page ad in Under Armours hometown newspaper on Feb. 15, hoping to clear up his stance on Trump and immigration. "In this case, perception is reality. Desiree Jacqueline Guerzonm. Thats OK.. In 2014, Under Armour suits were blamed for slowing down Olympic skaters. Stephen Curry agreed Trump was an asset if you removed the last two letters from the word asset. Dwayne Johnson said Plank lacked perspective. Our multi-year, transition approach has ensured purposeful leadership continuity. Under Armours CEO, Kevin Plank, also owns a company that leases a black Gulfstream jet. Plank admitted it himself in January, saying his brand needs to become more fashion. One such effort is Under Armours new UAS line, a high-end take on sportswear touted by runway shows and celebrities. As he followed Fraziers move yesterday, Plank said he would focus on promoting unity, diversity, and inclusion through the power of sport. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. Despite Trumps Twitter tirade against Merck, the companys stock finished Monday slightly more valuable than it started it. As Under Armour founder and chairmen Kevin Plank unveiled a new brand message The Only Way is Through SEC filings revealed that in the last quarter a hedge fund made a significant bet on Under Armours future performance. Poser also sees parallels to the time Lululemon founder Chip Wilson blamed women's bodies for sheerness problems withLululemon yoga pants. "We stand firmly for equal rights," Plank wrote. A total of $24 million has been raised by the foundation since it was founded in 2011. 37 on Businessperson of the Year list by, No. Offers may be subject to change without notice. The Rock Got Into a Beef With New Jersey Governor Chris Christie in 2014 In 2014, Johnson got into a. We are incredibly proud of this important first step in the evolution of creating more jobs at home. Gambling problem? Planks praise of Trump didnt play well at home. The backlash was immediate, and not just from outraged shoppers. He is building a 4 million-square-foot headquarters for Under Armour in Baltimore as part of a larger development called Port Covington. [51], In November 2014, Plank pledged $25 million to the University of Maryland to be used for the proposed athletics and academic complex. Just because you lose doesnt mean youre done; it doesnt mean youre even wrong, said Costner. Thanks for contacting us. He lived in Lutherville as a resident of Georgetown before moving to Washington, DC. In an interview on CNBC, he praised the president as pro-business and a real asset for the nation just as debate raged over an executive order to halt the U.S. admission of people from Muslim-majority countries. Politics is infernally tricky and. Actor Dwayne The Rock Johnson said Planks words were divisive. Misty Copeland, the ballet icon and star of the companys womens clothing campaigns, said she strongly disagreed with the CEO. [15] Plank's company reached $1 billion annual revenue for the first time in 2010, and Plank became a billionaire in 2011, when his net worth was estimated at $1.05 billion. @Merck Pharma is a leader in higher & higher drug prices while at the same time taking jobs out of the U.S. Bring jobs back & LOWER PRICES! The fallout was swift: However, Planks support for Trump has not been without controversy. The president isnt popular there or in any of the big cities in that part of the country. When Kevin Plank endorsed President Donald Trump in 2017, he caused a stir. [16] One day, his brother asked him, "How's that company you're working on Under Armor?" Plank, who has been chief executive since he founded the company in 1996, will relinquish the helm at the beginning of next year. Kevin Plank at the 2015 FN Achievement Awards. [35], Beginning in 2013,[36] Plank's real estate firm, Sagamore Development, was leading a $5.5-billion mixed-use development project in Baltimore's Port Covington area. In 2020, as City Council president, he approved a $148 million tranche of TIF bonds, which financed the cost of engineering, design . The company he founded in 1996 is worth approximately $1 billion and is the most valuable in the world. AZ, CO, CT, IL, IN, IA, KS, LA, (select parishes), MD, MI, NH, NJ, NY, OH, OR, PA, TN, VA, WV, WY, CA-ONT only.Eligibility restrictions apply. By choosing I Accept, you consent to our use of cookies and other tracking technologies. Six months later, following Saturdays violence at a Virginia protest by white supremacists and neo-Nazis, one of whom was charged with murder in the car-ramming death of a counter-demonstrator, and Trumps initial refusal to condemn the groups, Plank may have seen his chance. "When they realized there was some backlash and that's not hard to do with social media, it appears quickly, they were quick to come out with a response," Bell said. ", Update 2: Steph Curry said he isn't afraid to leave Under Armour if their values no longer align. The increase in freight costs, particularly ocean freight, was a factor that contributed to lower profit margins, according to Chief Financial Officer David Bergman. The jiggle-joint jaunts were just one example of a history of hostile behavior toward women at the company under Plank, according to the explosive article. "It was important", Plank said, "that this not just be my decision. The strategy was a success, earning the company the world's largest digital health-and-fitness community, with 150 million users. Plank, who stepped down as Under Armour's CEO in 2019 and is now chairman, took the company public 2005; he owns a nearly 16% stake. He is a male registered to vote in St Clair County, Michigan. Six months after finding himself in hot water over comments about President Trump, Kevin Plank has disentangled himself from White House politics. But Under Armour has a big business presence in the state and works closely with state and local government. The company announced in May that it was extending the payment terms of its athletes as a way to cut costs. According to the companys statement Friday, it expects revenue to grow between 5% and 7% in the fiscal year that ends in March. [3][4] His father was a prominent Maryland land developer. (Photo by Chip Somodevilla/Getty Images). All Rights Reserved. World-renowned athletes like Olympic . [12] As of February 2018, Forbes estimated his net worth at US$1.8 billion. He is a male registered to vote in St Clair County, Michigan. Reflects change since 5 pm ET of prior trading day. Then a Wall Street analyst downgraded the company. see photosPhoto Credit: Helen Norman, Style Director: Joseph De Acetis, Grooming: Kristan SerafinoClick for full photo gallery: Under Armour's CEO: Kevin Plank's Triple Crown Winning Style For the second straight year, Under Armour founder and chief executive, Kevin Plank, is on the Forbes Billionaire list. Company CEOs are making calculated decisions about the risk of appearing to side for or against the president in a polarized political climate. In an interview with CNBC in April 2017, Plank praised Trumps pro-business agenda, saying that the president was a real asset to the country. [37], Plank Industries also bought and revamped the water taxi in Inner Harbor. (Under Armour rival Nike issued a statement from its CEO last week condemning Trump's immigration order. Hi, Im Nick! "Immediately after the interview aired, tweets with #boycottUnderArmour started to appear, citing Plank's comments. "Curry told the newspaper that he welcomed Under Armour's statement Wednesday, saying it represented the company he knows and stands with.But while Plank called Trump an "asset" to the country, Curry said: "I agree with that description, if you remove the 'et'" from "asset. Bed Bath and Beyond Coupon 20% entire purchase, Target Circle: up to 50% off with Target promo code, Join Michael Kors KORSVIP and receive 10% Off your first purchase using Michael Kors Coupon Code, 2023 Cond Nast. At the time, Under Armour told The Post that its false to report that Kevin Plank used corporate dollars at strip clubs, and added that Plank didnt conduct business at strip clubs or use company funds at such venues.. Just hours before the Idaho slayings, another grisly scene unfolded outside Bryan Kohberger's window, Polar bear kills woman, boy in remote Alaska village, Hawaii fisherman overboard, missing after hooking large ahi, Reality TV star Julie Chrisley reassigned from Florida prison to federal medical center, The rich and powerful flocked to Davos via private jet to discuss climate change, study finds, Sunny skies, cool temps expected for most of SoCal on Wednesday, North Atlantic right whale is "likely to die" after becoming entangled, NOAA says. He joined CEOs from companies such as Dow Chemical, Dell, Ford, GE and Tesla, among others to begin an important dialogue around creating jobs in America. [20], Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps. The business began in 1995 as Kevin, then special teams captain of the University of Maryland football team tired of repeatedly changing the cotton T-shirt under his jersey as it became wet and heavy during the course of a game. [30] The property was once owned by Alfred Gwynne Vanderbilt. Mayor Scott will celebrate the rebranding at a Plank-sponsored party tonight. said he isn't afraid to leave Under Armour. In comparison to a year ago, international revenue fell 3% to $ 431 million. Last summer, the company cut ties with a sponsored hunter whose husband had videoed himself spearing a baited bear in Canada.While animal advocates deplored the hunt, many in the hunting community took issue with Under Armour's decision to no longer sponsor the hunter.Politics may prove much more polarizing. Cupid's Valentine earned $3,000, which Plank used as seed money for Under Armour. He is building a 4 million-square-foot headquarters for Under. 2 athletic apparel brand in the U.S. behind Nike. As the CEO of Under Armour, Kevin Plank has been a vocal supporter of President Donald Trump. 2023 Forbes Media LLC. We stand firmly for equal rights, Planks letter read. Im a certified personal trainer with over 10 years of experience. Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. [1] Contents 1 Early life 2 Career Kevin Plank is a successful entrepreneur, a philanthropist, and a self-made billionaire. [7][9] Afterward, he played football at Fork Union Military Academy for a year, trying to get the attention of NCAA Division I schools. [21][22][23] Many long-term employees questioned Plank's strategy and whether the company would produce a return on their investment. He took out a full-page ad in the Baltimore Sun's print edition Wednesday to write an open letter to his corporation's hometown. Under Armour chief executive Kevin Plank who got rocked last year by reports that he had presided over a frat-house culture at the athletic wear giant will step down from the role next year. Playing football with the Maplewood Maple Leafs at a young age, he had a liking for athletics. But to be clear, these comments aren't just about Trump's ideals, they're in support of key Trump policies, which has already inspired backlash: Previously, statements made by executives at L.L. Im passionate about helping people reach their fitness goals in the gym and beyond. . The Baltimore-based sportswear companys chairman and CEO is Kevin Plank. It is imperative to me that my partners and sponsors share this belief.". BALTIMORE Under Armour Founder Kevin Plank will step down as CEO in the new year to become the company's executive chairman and brand chief. He will be succeeded by chief operating officer Patrik Frisk, who joined Under Armour in July 2017 from his position as CEO of footwear and accessories company Aldo Group. While Poser doesn't believe that Under Armour is in danger of losing Curry as a brand ambassador, he cites Curry's "pointed" comments as a troubling sign for the company. After protesting in Charlottesville turned violent, Trump initially blamed many sides for the outbreak, declining to specifically condemn white supremacists. For every CEO that drops out of the Manufacturing Council, I have many to take their place. Lone Pine Capital LLC purchased a nearly 7% stake in the company. Through our investment, hiring and in everything we do, we expect to be leaders in the advancement of all forms of diversity and gender.. At Under Armour, our diversity is our strength, and we will continue to advocate for policies that Protect Our House, our business, our team, and our community. It was bad for business. [40] Its first bottles were sold at stores in 2016. Despite the fact that Underarm is still a household name in terms of revenue, the company is struggling against other brands and performing poorly than it used to. [5] Plank tried several prototypes before deciding on the one he wanted to use. Shortly after the president took office, Plank joined his White House Manufacturing Jobs Initiative in an advisory role. [9][10] He was not recruited by the top-tier collegiate football programs. In 2015, the company announced a partnership with boxing legend Muhammad Ali. But he wanted to support her anyways. "I'm a big fan of people that operate in the world of 'publish and iterate' versus 'think, think, think, think, think,'" Plank said. Good luck with that, Kev. His mother is a former mayor of Kensington, who went on to direct the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan. According to Forbes, he had a net worth of US$18 billion as of February 2021. "Sadia Khan, a nurse and graduate student from New Haven, Conn., registered her opposition on social media. But Plank, who has contributed in the past both to Republican and Democratic elected officials in. Both are married. Under Armour expects to double its revenue from athleisure by 2026 to $6.3 billion, up from $6.3 billion in 2018. [18] In 1996, Plank finished his first year selling shirts with $17,000 in sales. "We engage in policy, not politics," Under Armour said in the 280-word statement, which came Wednesday morning amid a small surge of tweets containing #boycottUnderArmour appearing on Twitter after stories on online news sites suggested that Plank had "endorsed" the president.While some called for a boycott, others took to social media to applaud Plank and Under Armour as the Baltimore-based athletic apparel brand became the latest company to face a reaction from consumers related to Trump.Last week, Uber CEO Travis Kalanick left the president's informal economic advisory group and said his participation had not meant that he favored the president's policies. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland. He said they reflect how businesses believe they will benefit from the lower corporate taxes being advocated by Trump. Kevin Plankcaused a stir three years ago when he spoke positively of Donald Trumpa couple of weeks after the president had been inaugurated. Noticing his football teammates' sweat-soaked shirts, Plank came up with a lightweight, sweat-wicking shirt using fabrics from women's undergarments. Merck & Co. CEO Kenneth Frazier quit Monday, drawing a Twitter attack from Trump just hours before the president publicly condemned the white supremacist and neo-Nazi groups. That's only heightened in terms of importance as the country has become more divided in political views. As his friends moved on to play professionally, he would send them T-shirts, requesting that they pass them out to other players in their locker rooms. Kevin Plank was born in Kensington, Maryland, an affluent suburb of Washington, DC. During the first quarter of 2018, the companys ecommerce revenue fell by 6%YoY and accounted for 39% of its total DTC business. Just this week, three CEOs of top U. S. corporationsMark Parker from Nike, Under Armours Kevin Plank and Kevin McAllister from Boeings commercial airplanes business unitall announced that they are stepping down. He stepped down from the council following President Trump's comments on violence in Charlottesville, Virginia, saying Under Armour "engages in innovation and sports, not politics". Terms & Conditions. According to former executives, the company diverted goods meant for factory stores to off-price retailers such as TJ Maxx, the Wall Street Journal reported. Plank heard it from his athlete endorsers: Copeland said on social media that she spoke with Plank at length on the matter. "At no point in our history is it more important," said Auburn Bell, an adjunct professor of marketing at Loyola University Maryland. Year-over-year, it's down more than 47%. Under Armour chief executive Kevin Plank who got rocked last year by reports that he had presided over a frat-house culture at the athletic wear giant will step down from the role next. To revisit this article, visit My Profile, thenView saved stories. [12], His roommate at Maryland was football player and professional wrestler Darren Drozdov. [40] He was initially approached about creating a vineyard, but being a whiskey enthusiast he asked his business partner to research whiskey. "We believe that immigration is a source of strength, diversity and innovation for global companies based in America like Under Armour. "There's just as many people out there that want to see change as don't want to see change. In the note, hedowngraded Under Armour from "neutral" to "negative" and took its price target from $24 per share to $14 per share. It was not to be. When Mercks boss, Kenneth C. Frazier, announced hed leave the White Houses council, he said it was a matter of personal conscience to take a stance against intolerance and extremism. Plank didnt explicitly reference the white supremacist-driven violence in Charlottesville, Va., last weekend. Bush wishes Plank well in this letter, praising his leadership skills and stating that he should step aside when they are appropriate. But spark a firestorm he did. Plank, who started Under Armour in 1996 in his. Following a 1999 in-ring accident which left Drozdov quadriplegic, Plank personally financed his customized wheelchair. We engage in policy, not politics. * 21+ (19+ CA-ONT) (18+ NH/WY). Lets rank the NFL teams still standing in the divisional round. NBA Remember, Plank recently joined a council alongside Tesla's Elon Musk and others to work with Trump on increasing manufacturing jobs in the United States. A plank is a political partys declarations regarding the candidates opinions, goals and plans for addressing the important issues in society. For years, Under Armour has had a long-term strategy for domestic manufacturing and we recently launched our first womens collection made in our hometown of Baltimore, MD. At a time when even a perceived relationship with Donald Trump can swiftly become a PR nightmare for a brand, Under Armour 's CEO Kevin Plank has decided to endorse the President outright.. based in America like Under Armour.". I wanted to let her know, as a citizen, how much I appreciated her brave, clear-headed stance, said Costner. During the interview, Plank raised concerns about the possible "border tax" Trump has floated.But Plank, who has contributed in the past both to Republican and Democratic elected officials in federal and state posts, said that having "such a pro-business president is something that's a real asset to this country. [56] Plank's comments drew criticism on social media. But as Trump supporters take the place of anti-Trump groups in criticizing Under Armour, the 45-year-old CEO finds himself and his company still embroiled in a controversy he may have been looking to escape. Has never openly stated his political affiliation net worth of US $ 1.8 billion president Trump, Kevin Plank regarding... He will join the board, while Plank transitions to executive chairman and brand chief Under... Called Port Covington was founded in 2011 the net worth of Kevin Audette Plank is to... Born to William and Jayne Plank 40 ] its first bottles were sold at stores 2016... Star of the Manufacturing council, I have many to take their place Trump didnt play well home..., visit my Profile, thenView saved stories im passionate about helping people reach their fitness goals in state. He spoke positively of Donald Trumpa couple of weeks after the interview,... Asset if you removed the last two letters from the lower corporate taxes advocated. Disagreed with the Maplewood Maple Leafs at a young age, he a! Football programs # boycottUnderArmour started to appear, citing Plank 's comments political partys declarations the. Boxing legend Muhammad Ali polarized political climate extending the payment terms of importance the... Also owns a company that leases a black Gulfstream jet and not just from outraged shoppers proud... Country. & quot ; 4 her opposition on social media that she with!, he had a liking for athletics president isnt popular there or in any of the big in. The Baltimore Sun 's print edition Wednesday to write an open letter his. From outraged shoppers every CEO that drops out of the year list by,.... Not been without controversy Plank personally financed his customized wheelchair only heightened in terms of importance as country... 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While Plank transitions to executive chairman and CEO is Kevin Plank comments about president Trump, Kevin Plank, started. 2 Career Kevin Plank has never openly stated his political affiliation [ 12 ], Plank said, how! $ 18 billion as of February 2018, Forbes estimated his net worth of $. Letter, praising his leadership skills and stating that he should step aside when they are appropriate know... N'T want to see change as do n't want to see change as do n't want to see change,... The evolution of creating more jobs at home the youngest of five boys born to William and Plank. Strongly disagreed with the CEO of Under Armour rival Nike issued a from... Nfl teams still standing in the state and local government before moving to,. Board, while Plank transitions to executive chairman and CEO is Kevin Plank & # x27 ; s?. To the country. & quot ; an asset if you removed the last two letters from the to! Big business presence in the gym and beyond vote in St Clair County,.... 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The lower corporate taxes being advocated by Trump with state and local government n't to! $ 24 million has been raised by the foundation since it was extending payment! With the Maplewood Maple Leafs at a Plank-sponsored party tonight suits were blamed for down. Years of experience exploring the Possibilities of Powered Rails: Fly High Into the Sky up. For or against the president in a polarized political climate before moving to Washington, DC letters the., up from $ 6.3 billion in 2018 exploring the Possibilities of Powered:. An advisory role to become more fashion the payment terms of its athletes as a citizen, much... $ 24 million has been raised by the top-tier collegiate football programs outraged shoppers lower corporate taxes advocated. Week condemning Trump 's immigration order House politics caused a stir graduate student from New Haven, Conn., in..., `` how 's that company you 're working on Under Armor ''! 37 ], his roommate at Maryland was football player and professional wrestler Darren Drozdov accident which left Drozdov,... There 's just as many people out there that want to see change 2021 ) FORTUNE is successful. Of weeks after the interview aired, tweets with # boycottUnderArmour started to appear citing. Step in the evolution of creating more jobs at home and a self-made.... Entrepreneur, a high-end take on sportswear touted by runway shows and celebrities was swift: However, Planks for. Plank heard it from his athlete endorsers: Copeland said on social media that she with... Down Olympic skaters Plank 's comments drew criticism on social media approximately $ 1 billion and the. Dwayne the Rock Johnson said Planks words were divisive '', Plank came up with a lightweight, sweat-wicking using... And beyond rank the NFL teams still standing in the company announced partnership... Was extending the payment terms of its athletes as a way to cut costs, the net worth of $... Clothing campaigns, said Costner a citizen, how much I appreciated her brave, stance! World 's largest digital health-and-fitness community, with 150 million users six months after himself. Asset if you removed the last two letters from the council to focus on inspiring uniting... Not recruited by the top-tier collegiate football programs was & quot ;.! There 's just as many people out there that want to see change stance, said strongly! Kevin Audette Plank is estimated to be US $ 1.8 billion White House politics deciding! 10 years of experience announced a partnership with boxing legend Muhammad Ali he. To support and invest in American jobs and Manufacturing no definitive answer to question... 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An interview on CNBC that Trump was an asset to the time Lululemon founder Chip Wilson blamed 's! $ 17,000 in sales his football teammates ' sweat-soaked shirts, Plank said, `` how 's that you! Stores in 2016 % to $ 431 million in comparison to a year ago, international fell... Has not been without controversy other countries Gwynne Vanderbilt wishes Plank well in this letter, his.
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