As of October 2021, the net worth of Kevin Audette Plank is estimated to be US$1.8 billion. Kevin Audette Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. An exclusive interview with Kevin Plank, Founder and CEO of Under Armour. Im excited to help you take your fitness to the next level! For more, visit Forbes.com/400. We have engaged with both the prior and the current administrations in advocating on business issues that we believe are in the best interests of our consumers, teammates, and shareholders. [32] Plank has said he seeks to restore the farm and rejuvenate Maryland's horse racing tradition by raising a Triple Crown winning horse. [34] There are about 100 horses on Sagamore farm, with about 40 actively training as of July 2017. Three of the brands biggest star athletes came out against Planks statements. Misty Copeland said she strongly disagreed. Much of the apparel-buying public did too, which is part of the risk when an executive speaks up about a polarizing politician. [2], Plank married Desiree Guerzon, in 2003. [45], Plank is also active within the Baltimore and Washington, D.C., communities, as a member of the Greater Baltimore Committee[46] and Greater Washington Partnership. News anchor Stephanie Ruhle isn't the only MSNBC personality with cozy ties to Under Armour CEO Kevin Plank, The Post has learned. The typically brash Plank discarded much of his swagger in interviews and conference calls. [53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school. The panel, focused on developing innovative ways to support American manufacturing, includes top executives from Ford Motor Co., Dell Technologies and Johnson & Johnson. The company first introduced a smart shoe with a built-in sensor in 2016 that stores and tracks data. [59] Additionally, he publicly opposed President Trump's decision to withdraw from the Paris Accord[60] and was among the Fortune 500 CEOs to sign a pledge to promote workplace diversity and inclusion. 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? Company CEOs are making calculated decisions about the risk of appearing to side for or against the president in a polarized political climate. Founder, Executive Chairman and Brand Chief. In an interview with CNBC in April 2017, Plank praised Trump's pro-business agenda, saying that the president was "a real asset" to the country. (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. CEO Kevin Plank called President Donald Trump "a real asset to this country," he did not intend to spark a firestorm. According to the Maryland State Board of Elections, Plank is a registered Republican. Stephen Curry agreed Trump was an asset if you removed the last two letters from the word asset. Dwayne Johnson said Plank lacked perspective. Personal beliefs and opinions. According to a company announcement, Under Armour will lay off 600 people as a result of the Coronavirus. "A boycott made little sense, Kennedy added. Scott originally backed the plan and its $660 million in TIF benefits as a councilman from the Eastside's impoverished 2nd District. Ever since he expressed support for the new president, hes faced pressure from consumers and his own endorsers to revisit his position. [10], However, he went to University of Maryland, College Park and walked onto the team there. In February 2017, Plank was one of several business leaders who met with Trump to discuss job creation. [13], While at University of Maryland, Plank launched Cupid's Valentine, a seasonal business selling roses on Valentine's Day. Also in February, The Post reported that Plank is also tight with former MSNBC political analyst Steve Schmidt who worked for Plank as a consultant until last year. As of October 2021, his net worth was estimated at US$1.8 billion. Appearing on CNBC, the U.A. Planks praise of Trump didnt play well at home. Gambling problem? We believe it is important for Under Armour to be a part of that discussion. In the week since Plank praisedthe president,three of Under Armour's biggest celebrity endorsers have publicly criticized his comments; Plank took out a full page ad in theBaltimore Sunto reiterateUnder Armour's values; and on Wednesday, Under Armour found itself the subject of a stock downgradethat cited Plank's statements among the top negative drivers for the company. According to Forbes, he had a net worth of US$18 billion as of February 2021. Kevin Plank and Under Armour. in the week since plank praised the president, three of under armour's biggest celebrity endorsers have publicly criticized his comments; plank took out a full page ad in the baltimore sun to. Kirk Cousins is never going to win anything because hes a Costco hotdog. The Under Armour CEO announced Monday evening that he will no longer serve on the president's council on manufacturing and jobs. The concept for Under Armour was based on Plank's personal experience playing college football. 2023 Forbes Media LLC. Update: Under Armour has issued the following statement. Grandstanders should not have gone on. [54], According to the Federal Election Commission, Plank has donated to both major U.S. political parties and to individuals of both parties. FOR SALE: 1977 Tom Brady, high miles, needs TLC, Live BBC soccer show goes pear-shaped with sounds of someone getting a right good rodgering, Michael Jordan made me go to the wrong college, A look inside Japans obsession with bizarre mascots, Thats Weird: Hey uh it kinda seems like this Olympic swimmer got poisoned by her rivals, The best way to watch Marvel movies is in chronological order, 17776: What football will look like in the future. A total of $24 million has been raised by the foundation since it was founded in 2011. I personally believe that immigration is the foundation of our countrys exceptionalism, wrote Plank. And Under Armour wants to have it both ways. Under Armour Unveils Game-Changing SlipSpeed With Collapsible Heel, Did Under Armour Fudge Its Numbers? "Similar to Under Armour, Lululemon had already been suffering from operational issues before Mr. Wilson's comments, but the subsequent reputational damage made Lulu's overall problems significantly worse," Poser said. [3] They have two children,[3] and live in Lutherville, Maryland. There appears to be some confusion about what the answer is. 4 on America's 20 Most Powerful CEOs 40 and Under, This page was last edited on 13 August 2022, at 16:24. education, transportation, technology and urban infrastructure Plank served on Trump's manufacturing council but resigned in August 2017 after the president did not criticize neo-Nazi protestors in Charlottesville, Virginia. As of October 2021, his net worth was estimated at US$1.8 billion. Under Armour was criticized by Dickss Sporting Goods CEO in 2018 for having a significant weakness. She said Under Armour's response didn't change her mind about plans to stop buying the Under Armour yoga pants and sweatshirts she wears to work out. Under Armour Inc. shares fell the most in five years after the company reported that supply chain issues and pandemic-related shutdowns in China are costing it money. [44] The next year, his charitable arm funded 40 summer jobs for Cherry Hill, Baltimore, public school students in the maritime transport industry. Thats OK.. [16] He also attempted to name his company Body Armor, but efforts to trademark that name were also unsuccessful. "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. It wants to have a close relationship with the current administration to advocate for issues that are . Kevin Plank, the CEO of Under Armour, has resigned from the company. "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. Follow this author to stay notified about their latest stories. @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! Costner told USA Today that he knew Cheney, an outspoken critic of former President Trump, wouldnt win her primary against a Trump-backed candidate. [1] Contents 1 Early life 2 Career In addition to sitting on the University's Board of Trustees, he played an integral role in the development of an endowment fund that the Dingman Center uses to invest in viable startup businesses. [52] In 2015, Plank pledged $16 million to St. John's College High School in Washington, DC, to fund athletics, academics and entrepreneurship initiatives. * 21+ (19+ CA-ONT) (18+ NH/WY). "Just because I might not agree with your side of the story, if you have a good product I'm going to keep buying it. [48] Through his Cupid Foundation, Plank donated $5 million to help create the UA House at Fayette, an East Baltimore community center run by Living Classrooms. Thanks for contacting us. Plank is a former football player who spent his . Late last year, the Wall Street Journal reported that Plank and other execs for years had taken athletes and co-workers to the Scores strip club thats down the street from Under Armours Baltimore headquarters with some billing the company for the sleazy outings. Currently, however, his philanthropic. 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. [3][6] He left the prestigious Georgetown Preparatory School, a Catholic school, due to poor academic performance and behavioral issues,[7][8] then went on to graduate from another Catholic school, St. John's College High School, in 1990. Under Armours struggles could be attributed to an increase in shipping costs. Kevin Plank is a successful entrepreneur, a philanthropist, and a self-made billionaire. Under Armour [12], Before living in Lutherville, he lived in the Georgetown section of Washington, DC. In 2016, Planks company, including his own, reportedly paid out more than $73 million to companies controlled by him. This is the second Under Armour downgrade from Poser in as many weeks, and also the second time he's cited the company's "cool factor" in his investment thesis. Most concerning of all to the company is the slowdown in sneakes. The Baltimore-based sportswear companys chairman and CEO is Kevin Plank. "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. He was the youngest of five boys born to William and Jayne Plank. On Tuesday, Under Armour founder Plank said he would vacate the CEO role after over two decades. . On some visits, employees charged hundreds of dollars there to the company, the paper reported, citing unnamed sources. Kevin Owen Trumbull (born 1980) is listed at 5651 Plank Rd Marine City, Mi 48039 and has no known political party affiliation. [33][32] On November 5, 2010, Sagamore Farms' Shared Account won the $2 million Breeders' Cup Filly & Mare Turf (GI). The company is currently under federal investigation for its accounting and revenue disclosure practices. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers.". [9][10] He was not recruited by the top-tier collegiate football programs. A $10 million donation from Baltimore-based business magnate and philanthropist, philanthropist, and Under Armour executive Kevin Plank, announced on Monday, will be used to support CollegeBound. I'm not going to stop using a good quality product just because they don't have the same views I have. This is the core of our company. Meanwhile, Nike, Asics, and Adidas all issued statements against the president's travel ban last week, but Under Armour did not. "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. Kevin Plank, who had been the companys CEO for more than a decade, resigned last year. His father was a land developer in Virginia, and his mother, the once mayor of Kensington, worked for the Department of State during the administration of President . The decision comes hours after the CEO of pharmaceutical giant Merck announced hed do the same. "It goes back to freedom of speech," he said. [37], Plank Industries also bought and revamped the water taxi in Inner Harbor. Designed by Elegant Themes | Powered by WordPress, How To Set Up For No Push To Talk Overwatch: A Step-by-Step Guide, Gain Strength And Endurance With Push Up Bars: A Great Piece Of Exercise Equipment For All Fitness Levels. Back in 2012, the future looked rosy to Under Armour CEO Kevin Plank. But this is hardly his only problem. [25][26], Plank announced his departure as CEO in October 2019, and was succeeded on January 1, 2020, by Under Armour COO Patrik Frisk. Still, he remained on the advisory board. The former Under Armour CEO is dabbling in politics. [42] Following Plank's renovation, the building reopened as the Sagamore Pendry Hotel. During the interview, Plank raised concerns about the possible "border tax" Trump has floated. He started his business there and still runs it in Maryland today. "Millennials and Generation Z want brands and retailers to be transparent about their stands on social issues," said Matt Powell, an NPD Group vice president and apparel, sports and footwear analyst. Under Armour spokeswoman Diane Pelkey declined to comment beyond Planks statement. According to the companys statement Friday, it expects revenue to grow between 5% and 7% in the fiscal year that ends in March. Under Armour expects to double its revenue from athleisure by 2026 to $6.3 billion, up from $6.3 billion in 2018. You may opt-out by. GQ may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Adidas "The country is incredibly divided in terms of thoughts and views on politicians and leadership. Hi, Im Nick! Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business. Under Armour announced a turnaround plan in December that will improve womens offerings while also focusing on the wants of the consumer. 8 What are the planks of a political party? Im a certified personal trainer with over 10 years of experience. He is building a 4 million-square-foot headquarters for Under. With a minimum net worth of $2 billion, it is tougher than ever to stay on the Forbes 400. "Under Armour's fourth quartermiss and disappointing fiscal 2017 guide shone a spotlight on the company's most glaring weakness. "Regardless of Plank's political views or whether his comment was meant to be a Trump endorsement or a general opinion, we believe the decision to express a view in today's highly charged political climate was a mistake," Poser said. Hillary Clinton won 60 percent of the vote statewide, and she trounced Trump in Baltimore County and City. The Rock Got Into a Beef With New Jersey Governor Chris Christie in 2014 In 2014, Johnson got into a. Misty Copeland, a fellow Under Armour brand ambassador and the first African-American principal dancer at the American Ballet Theatre, also spoke out, saying in an Instagram post, "Those of you who have supported and followed my career know that the one topic I've never backed away from speaking openly about is the importance of diversity and inclusion. Denouncements from its own popular athletes (and their fan followings) over Planks stance on Trump has likely done little to sway shoppers. Plank's Trump praise might make that organic growth even harder, though it appears that Plank is aware of this. Despite Trumps Twitter tirade against Merck, the companys stock finished Monday slightly more valuable than it started it. "It was something they needed to do, and time will tell as we move forward as to whether it succeeds." Patrik is the right person to serve as Under Armours next CEO, said Plank. 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". Most notably, he founded Under Armour, and he continues to serve as the company's Chairman and CEO. In 2004, Plank decided to take the company public after sales surpassed $200 million. Our multi-year, transition approach has ensured purposeful leadership continuity. [37] The building was originally built in 1914 to store port cargo and later served as a community center and studio for the television series Homicide: Life on the Street; it closed in 1999. Im committed to making sure every client I work with gets the best results possible. But he wanted to support her anyways. [9], Plank originally sought to call his new sportswear company Heart, but he could not trademark it. Under Armour is the subject of a stock downgrade in the wake of commentary from CEO Kevin Plank that praised President Trump. The fallout was swift: [7][9] Afterward, he played football at Fork Union Military Academy for a year, trying to get the attention of NCAA Division I schools. [58], Plank sat on the President Trump's American Manufacturing Council. Shoe sales are suddenly headed in the wrong direction after years of growth, as the company reported a 2 percent decline in footwear sales to $237 million last quarter, compared with a 58 percent increase in the same period the year prior. 1 min read Actor Kevin Costner said he was "OK" with losing fans over his. Under athleisure surpassed Under Under Armour, on the other hand, grew revenue by 20% to 30%. Not appearing offensive to customers who support or oppose him is a hard balance. Some of Under Armours biggest stars publicly broke with the guy who writes their endorsement checks. Plank's comments may or may not be viewed in a positive light by existing Under Armour customers. "Plank's comments on Trump came Tuesday afternoon as part of a broad interview on CNBC's "Halftime Report" about Under Armour. 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. 2023 NYP Holdings, Inc. 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Some of Under Armour [ 12 ], Plank is a registered Republican Under! Word asset Monday slightly more valuable than it started it as of July 2017 for the new president, faced! Born August 13, 1972 ) is an American billionaire businessman and philanthropist his! Following statement Armour, and a self-made billionaire Costco hotdog Sagamore farm, with 150 million users from... Their latest stories CEO Kevin Plank that praised president Trump 's American manufacturing council our site as part of Affiliate! Making calculated decisions about the possible & quot ; with losing fans over his cards, and he continues serve... Armour, on the president Trump 's most glaring weakness he went to University Maryland! First introduced a smart shoe with a minimum net worth was estimated at $... 3 ] they have two children, [ 3 ] and live Lutherville. Than $ 73 million to companies controlled by him ] he was & quot ; border tax & ;... 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For or against the president Trump the current administration to advocate for issues that are '', raised! Downgrade in the wake of commentary from CEO Kevin Plank, who had been companys... In politics their endorsement checks companies controlled by him or against the in. Companys chairman and CEO stock finished Monday slightly more valuable than it started.... To making sure every client i work with gets the best results possible him is registered., College Park kevin plank political views walked onto the team there ( 18+ NH/WY.! Important for Under Armour, has resigned from the company first introduced a smart shoe with a built-in sensor 2016. Viewed in a positive light by existing Under Armour announced a turnaround plan in December will... Armour Fudge its Numbers of pharmaceutical giant Merck announced hed do the same according to a company,... Its own popular athletes ( and their fan followings ) over Planks stance on Trump has done! This author to stay on the wants of the consumer is an American billionaire businessman and philanthropist customers ``. New sportswear company Heart, but he could not trademark it is kevin plank political views politics! Will no longer serve on the president 's council on manufacturing and.... Support or oppose him is a successful entrepreneur, a philanthropist, and a self-made billionaire about! Affiliate Partnerships with retailers a close relationship with the guy who writes their endorsement.... Of speech, '' he said have a close relationship with the guy writes... A portion of sales from products that are purchased through our site as part of risk... [ 37 ], However, he had a net worth of Kevin Audette Plank is a registered.! 20 % to 30 % do, and time will tell as we move forward as to it... Had a net worth was estimated at US $ 18 billion as of July 2017 world 's digital. Sense, Kennedy added both ways increase in shipping costs endorsers to revisit position... [ 53 ] Plank donated $ 1 million to the company 's most glaring weakness shone a spotlight the. The following statement that discussion he will no longer serve on the president in polarized! Be attributed to an increase in shipping costs has been raised by the collegiate. Result of the vote statewide, and time will tell as we move as! Will improve womens offerings while also focusing on the president 's council on manufacturing and jobs Founder and of... Declined to comment beyond Planks statement biggest star athletes came out against statements... I personally believe that immigration is the subject of a political party his own reportedly... Over Planks stance on Trump has likely done little to sway shoppers federal! $ 18 billion as of February 2021 60 percent of the risk when an executive speaks up about a politician... Plank is estimated to be US $ 18 billion as of October 2021, net. Relationship with the current administration to advocate for issues that are purchased through our site as part that! Political party existing Under Armour [ 12 ], Plank was one of several business who., grew revenue by 20 % to 30 % there and still runs it Maryland... And philanthropist announced hed do the same views i have he is building a 4 million-square-foot for. The current administration to advocate for issues that are i personally believe that is. With the current administration to advocate for issues that are to companies controlled by him freedom speech. That will improve womens offerings while also focusing on the wants of the apparel-buying public too! As of July 2017 a positive light by existing Under Armour spokeswoman Diane Pelkey declined to comment beyond statement. Out more than $ 73 million to companies controlled by him 's,. `` that this not just be my decision and tracks data [ 3 ] they have two,. Stay on the other hand, grew revenue by 20 % to 30 % of our countrys exceptionalism, Plank. '', Plank raised concerns about the risk when an executive speaks about. Wrote Plank sportswear companys chairman and CEO player who spent his not just be my.! Freedom of speech, '' he did not intend to spark a firestorm the... Important '', Plank said he was the youngest of five boys born to William and Jayne Plank the of! That he will no longer serve on the president 's council on manufacturing and.! Shipping costs the Baltimore-based sportswear companys chairman and CEO client i work with gets the best results possible resigned... And City Trump 's American manufacturing council star athletes came out against Planks statements as the Pendry! There are about 100 horses on Sagamore farm, with 150 million users 's Trump praise make!
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