Meet the Board of Directors of Under Armour

Under Armour is one of the most recognizable brands in the sportswear industry. The company has experienced tremendous growth since its inception, becoming a household name across the globe. The success of Under Armour can be attributed to the hard work of its employees, as well as the leadership provided by the board of directors. In this article, we will take a deep dive into the board of directors of Under Armour, their responsibilities, and how they are navigating the company through current challenges.

The History of Under Armour

Under Armour was founded in 1996 by the current Chairman and CEO, Kevin Plank. The company started as a personal project for Plank, who had experienced discomfort and chafing during his college football career. Plank set out to create a garment that would wick away sweat and keep athletes cool and dry. He created the prototype in his grandmother's basement and began selling the garments from the trunk of his car.

Under Armour weathered its share of challenges in its early years but experienced significant growth in the early 2000s. The company went public in 2005 and has since expanded its offerings to include footwear and accessories. Under Armour now has a presence in over 100 countries and is a global leader in the sportswear industry.

In recent years, Under Armour has faced increased competition from other sportswear brands such as Nike and Adidas. To stay competitive, the company has focused on innovation and technology, introducing new products such as the UA HOVR running shoes and the UA RUSH line of workout gear. Under Armour has also partnered with high-profile athletes such as Stephen Curry and Dwayne "The Rock" Johnson to promote its brand and products.

Understanding the Role of a Board of Directors

The board of directors is a group of individuals elected by a company's shareholders to oversee corporate management and make decisions on behalf of the company. The board is responsible for the strategic direction of the company, overseeing the performance of the company's executives, and ensuring that the company operates in the best interests of its shareholders.

Additionally, the board of directors is responsible for establishing and maintaining the company's ethical and legal standards. They must ensure that the company complies with all applicable laws and regulations, and that the company's actions are ethical and aligned with the company's values. The board must also ensure that the company's financial statements are accurate and transparent, and that the company has appropriate internal controls in place to prevent fraud and other financial misconduct. Overall, the board of directors plays a critical role in ensuring the long-term success and sustainability of the company.

The Importance of Diversity on a Board of Directors

Under Armour takes the issue of diversity on its board of directors very seriously. The company understands that having a diverse board is not only the right thing to do but also beneficial to the company's success. Diversity on the board means having a variety of perspectives and expertise, which leads to better decision-making, innovation, and ultimately, better outcomes.

Studies have shown that companies with diverse boards have higher financial returns and are more likely to outperform their competitors. This is because a diverse board can better understand and serve a diverse customer base, leading to increased sales and customer loyalty. Additionally, having a diverse board can improve a company's reputation and attract top talent who value diversity and inclusion.

However, achieving diversity on a board of directors can be challenging. It requires intentional efforts to identify and recruit diverse candidates, as well as creating a culture of inclusion where all board members feel valued and heard. Under Armour has taken steps to address this challenge by setting diversity goals for its board and implementing unconscious bias training for its board members and executives.

Meet the Chairman and CEO Kevin Plank

Kevin Plank is the Founder, Chairman of the Board, and CEO of Under Armour. Plank has been with the company since its inception and has been instrumental in its success. Under his leadership, the company has grown into a global brand with a presence in over 100 countries.

Plank's vision for Under Armour was to create a brand that would empower athletes and help them perform better. He started the company in his grandmother's basement in 1996, with just $40,000 in startup capital. Today, Under Armour is a multi-billion dollar company that is known for its innovative products and commitment to performance. Plank continues to lead the company with a focus on innovation, sustainability, and social responsibility.

The Founder's Journey: Kevin Plank's Rise to Success

Kevin Plank's journey to success is an inspiring one. He had an idea that he believed in and persevered through challenges to turn it into a thriving business. Plank started small and grew the company one step at a time, always staying true to the company's values and vision. Plank is a true entrepreneur and a role model for anyone looking to start a business or make a difference in the world.

Under Armour, the company founded by Kevin Plank, has become a household name in the sports apparel industry. The company's success can be attributed to Plank's innovative approach to design and marketing. He recognized the need for high-performance athletic wear and created a product that filled that gap in the market. Plank's dedication to quality and innovation has helped Under Armour become a leader in the industry.

Aside from his success in business, Kevin Plank is also known for his philanthropic efforts. He has donated millions of dollars to various charities and organizations, including the University of Maryland, where he attended college. Plank is committed to giving back to his community and making a positive impact on the world. His dedication to both business and philanthropy serves as an inspiration to many.

The Composition of Under Armour's Board of Directors

The Board of Directors of Under Armour is composed of ten individuals. These individuals have a broad range of expertise across various industries, including finance, retail, technology, and sports.

One notable member of Under Armour's Board of Directors is Jerri L. DeVard. She has extensive experience in marketing and branding, having worked for companies such as Verizon, Nokia, and Citigroup. Her expertise in these areas has been instrumental in helping Under Armour establish and maintain its brand identity in a highly competitive market.

Another member of the Board of Directors is Eric Olson, who brings a wealth of experience in sustainability and corporate responsibility. He has worked with companies such as BSR and the Business and Human Rights Resource Centre, and has been recognized for his work in promoting sustainable business practices. His insights and guidance have helped Under Armour develop and implement sustainable practices throughout its operations.

Analyzing the Board Members' Backgrounds and Expertise

The backgrounds and expertise of the board members of Under Armour are essential in understanding their impact on the company. The members have experience and knowledge in areas such as corporate governance, brand management, and international business. This diverse range of expertise ensures that the board provides comprehensive oversight and direction to the company.

One of the board members, Adrienne Lofton, has extensive experience in marketing and brand management. She previously worked as the Senior Vice President of Global Brand Marketing at Under Armour and has also held leadership positions at other major companies such as Levi Strauss & Co. and Target. Her expertise in branding has been instrumental in shaping Under Armour's marketing strategies and increasing brand awareness.

Another board member, Jerri DeVard, brings a wealth of experience in corporate governance and diversity and inclusion. She has served on the boards of several Fortune 500 companies, including Lowe's Companies, Inc. and The ServiceMaster Company. Her expertise in corporate governance has helped Under Armour maintain strong ethical standards and accountability, while her focus on diversity and inclusion has helped the company create a more inclusive workplace culture.

The Responsibilities of Under Armour's Board of Directors

The board of directors of Under Armour has several responsibilities, including setting the strategic direction of the company, overseeing management and corporate performance, and ensuring compliance with laws and regulations. The board is also responsible for managing risk, making executive compensation decisions, and ensuring the company's financial reporting is accurate and transparent.

In addition to these core responsibilities, the board of directors at Under Armour also plays a critical role in ensuring that the company operates in an ethical and socially responsible manner. This includes overseeing the company's environmental and social impact, as well as ensuring that the company's products are safe and of high quality.

Another important responsibility of the board of directors is to ensure that the company is well-positioned to adapt to changing market conditions and emerging trends. This requires a deep understanding of the industry and the competitive landscape, as well as a willingness to take calculated risks and make strategic investments in new technologies and business models.

How Under Armour's Board is Navigating the Company through Challenges

Under Armour, like many companies, has faced challenges in recent years. The company has dealt with allegations of accounting practices and declining sales. However, the leadership provided by the board has helped the company navigate through these challenges. The board has made changes to the company's management team and taken steps to ensure transparency and compliance.

One of the key steps taken by Under Armour's board was to appoint a new CEO, Patrik Frisk, in late 2019. Frisk brought with him a wealth of experience in the retail industry and has been credited with helping to turn around the company's fortunes. Under his leadership, the company has focused on improving its product offerings and streamlining its operations. Additionally, the board has implemented new policies and procedures to ensure that the company is operating in an ethical and transparent manner. These efforts have helped to restore investor confidence in the company and position it for long-term success.

Under Armour's Corporate Governance: Best Practices and Policies

Under Armour is committed to following best practices and policies regarding its corporate governance. The company strives to operate with integrity and transparency, and the board of directors plays a crucial role in ensuring this. The company has established policies and procedures surrounding areas such as risk management, financial reporting, and social responsibility.

One of the key policies that Under Armour has implemented is a code of conduct for all employees. This code of conduct outlines the company's expectations for ethical behavior and provides guidance on how to handle potential conflicts of interest. Additionally, Under Armour has established a whistleblower hotline to encourage employees to report any potential violations of the code of conduct or other company policies. By prioritizing ethical behavior and providing resources for employees to report concerns, Under Armour is able to maintain a strong culture of integrity and accountability.

The Future of Under Armour: Insights from the Board Members

Under Armour faces exciting opportunities and challenges in the future. The board of directors is focused on ensuring that the company continues to grow and innovate while staying true to its values and vision. The board is focused on expanding the company's international presence, investing in key technology and innovation initiatives, and maintaining its position as a leader in the sportswear industry.

Balancing Growth and Responsibility: A Look at Under Armour's Strategy

Under Armour's strategy is focused on balancing growth and responsibility. The company understands the importance of achieving financial success while also operating in a socially responsible and ethical manner. The board is committed to ensuring that the company's growth does not come at the expense of its values and reputation.

Key Takeaways from Meeting the Board Members

The board of directors of Under Armour is a diverse group of individuals with a broad range of expertise and experience. They are committed to ensuring that the company operates with integrity and transparency while remaining focused on its strategic direction. The board is responsible for ensuring compliance with laws and regulations, managing risk, and overseeing management and corporate performance. The future of Under Armour is bright, and the board is focused on ensuring the company's continued growth and success.

• Who founded Under Armour and what was the inspiration behind it? Under Armour was founded in 1996 by Kevin Plank, who was inspired to create a garment that would wick away sweat and keep athletes cool and dry after experiencing discomfort and chafing during his college football career.
• What is the role of a board of directors in a company? The board of directors is responsible for overseeing corporate management and making decisions on behalf of the company. They must ensure that the company operates in the best interests of its shareholders and complies with ethical and legal standards.
• How important is diversity on a board of directors? Diversity on a board of directors is important as it provides a variety of perspectives and expertise, leading to better decision-making, innovation, and ultimately, better outcomes. Studies have shown that companies with diverse boards have higher financial returns and are more likely to outperform their competitors.
• Who is Kevin Plank and what is his role in Under Armour? Kevin Plank is the Founder, Chairman of the Board, and CEO of Under Armour. Plank's vision for Under Armour was to create a brand that would empower athletes and help them perform better.
• How is Under Armour's board of directors navigating the company through challenges? Under Armour's board of directors is focusing on ensuring transparency and compliance and has made changes to the company's management team. They appointed a new CEO, Patrik Frisk, in late 2019, who has been credited with turning around the company's fortunes. The board has implemented new policies and procedures to ensure the company is operating in an ethical and transparent manner.