Shares at athletic apparel company Under Armour are trading down 2.00% at 5:00 pm ET, on news that company CFO and COO Brad Dickerson will be stepping down to pursue another professional opportunity outside of the athletic performance industry.
Dickerson will remain with Under Armour until February 2016. He will help ensure a smooth transition of leadership and responsibilities.
He will also continue to serve in his current roles while Under Armour conducts an external search for a new CFO.
The company has announced plans to “allocate key operational duties of the COO role to the new CFO and the current executive leadership team as part of the transition process.”
“I want to take this opportunity to recognise Brad’s accomplishments and to thank him for his many contributions at Under Armour,” said CEO and founder Kevin Plank.
He added, “During his time at Under Armour, Brad has played an integral role in providing value for the company by building a strong team and demonstrating a core competency of accelerating growth, taking the company from pre-IPO to a multi-billion dollar global business.”
Dickerson says he is “extremely proud” of the brand which has driven its growth to nearly $US4 billion in 2015. He further predicted that Under Armour would drive revenue to $US7.5 billion by 2018.
Under Armour has managed to rapidly grow its business by securing sports stars and acquiring fitness companies.
The company reported a 29% jump in revenue in 2015, a large portion of which was credited with it’s biggest stars including NBA most valuable player, Stephen Curry, PGA Master’s winner Jordan Spieth, and ballerina Misty Copeland.
While the company continues to grow the Wall Street Journal notes that it reported a 16% decline in profits, mostly on the back of acquisitions and the opening of corporate offices abroad.
Investing.com provides us with a quick look at the increasingly valuable Under Armour stock from 2006 through today’s valuation.
Dickerson has served as the CFO since 2008. He accepted the COO position in early 2015. He previously acted as the company’s vice president of finance and accounting, and corporate controller.
Earlier today Business Insider’s Hayley Peterson revealed that Under Armour is on pace to become the fastest growing sports brand in history. Analysts believe the rising star in the athletic world could generate $US20 billion in revenue by 2025.
Under Armour would not provide any further comments to Business Insider at this time.
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