
- 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.
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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.