Kevin Plank, who founded Under Armour in his grandmother's basement, is stepping down as the company's CEO. Here's how the billionaire makes and spends his money.
- Kevin Plank founded Under Armour, a leading athletic-wear brand, 23 years ago in his grandmother's basement.
- On October 22, Under Armour announced that Plank would be stepping down from his role as CEO and will be replaced by COO Patrik Frisk on January 1.
- Plank will become the executive chairman and brand chief.
- Plank has a net worth of $1.8 billion. Here's a look at how he built Under Armour and how he spends his money.
- Visit Business Insider's homepage for more stories.
In a Tuesday morning statement, Under Armour announced that the company's founder, Kevin Plank, would be stepping down as CEO, effective January 1. He will be replaced by Patrik Frisk, the company's current president and chief operating officer.
According to the statement, Plank will become the executive chairman and brand chief at Under Armour, a company he founded in his grandmother's Washington D.C. basement in 1996.
"Patrik is the right person to serve as Under Armour's next CEO," Plank said in a statement. "As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation."
Keep reading for a look at how Kevin Plank, who is worth $1.8 billion, built Under Armour and established his wealth - and how he spends it.
According to Forbes, Kevin Plank has a net worth of $1.8 billion. In 1996, Plank founded Under Armour; on October 22, he announced that he would be stepping down from his role as the company's CEO.
Plank's road to Under Armour began after getting kicked out of a Washington D.C. prep school.
Plank became a walk-on at the University of Maryland in College Park; it was there that he started focusing on the material of his football uniform.
In 1996, Plank developed the first prototype of a skin-tight base layer made from a sweat-wicking synthetic fabric. He started the entire operation in his grandmother's D.C. basement.
Plank was able to get his business off the ground by selling his shirts to his football-playing contacts.
As the brand grew, Plank successfully positioned Under Armour through a variety of celebrity endorsements. Tom Brady, Gisele Bundchen, Cam Newton, and Misty Copeland are all tied to Under Armour.
As Business Insider has previously reported, Plank has been known not to name his competition directly. However, Under Armour has grown to be comparable to other mainstay athletic brands like Nike and Adidas.
Recently, Plank worked directly with Richard Branson to design and develop spacesuits for Virgin Galactic.
In 2017, Plank sparked controversy after he praised President Trump in an interview.
Plank lives outside of Baltimore, Maryland with his wife of 16 years and their two children.
At one point, Plank's family listed the most expensive home in Washington D.C.
As The Wall Street Journal reported in February, Plank owns a company that leases a black Gulfstream jet to Under Armour.
The family also has a privately held investment company called Plank Industries. Its holdings include an award-winning whiskey company.
Plank also owns Sagamore Racing Farm, a thoroughbred farm and training ground in Maryland previously owned by the Vanderbilts. He purchased and restored the farm in 2007.
Plank is stepping down as CEO but will act as the executive chairman and brand chief at Under Armour. Current COO Patrik Frisk will take up the duties of CEO on January 1, 2020.
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