Under Armour Shuffles C-suite, Chief Product Officer to Exit
Stephanie Linnartz continues to make her mark on Under Armour.
One week after cutting 50 corporate jobs as a way to trim expenses, Under Armour is now shuffling its executive team.
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On Wednesday, the Baltimore-based sports brand said that two top executives — chief operating officer Colin Browne, who had served as interim chief executive officer until Linnartz joined the company in February, and chief product officer Lisa Collier — will be exiting. Browne plans to step down in the fall, the company said, while Collier will leave her post in August.
At the same time, Under Armour named Jim Dausch executive vice president and chief consumer officer, effective July 24, and promoted Danny Miles to executive vice president and chief technology officer.
Dausch was formerly with Marriott International, where Linnartz worked for 25 years before joining Under Armour. Dausch served most recently as global chief product and digital officer and is credited with modernizing the company’s technology structure to enhance customer experience and drive sales. In his two-decade career at Marriott, he had also worked in sales and marketing, brand, corporate finance, operations and franchising.
The changes are part of the company’s new Protect This House 3 strategy that Linnartz announced in May and is intended to “drive more consistent profitable growth and returns for shareholders over the long term,” the company said Wednesday. PTH3 is designed to center around raising awareness of the Under Armour brand while delivering elevated designs and products to boost sales in the U.S. while maintaining the company’s positive momentum overseas.
Linnartz, who assumed the CEO position vacated by Patrik Frisk last June, said in her first earnings call in May that she holds the executive team accountable for the company’s results and was willing to take measures to ensure the company’s long-term success.
“I very much recognize the time for action is now,” she said at the time. “We need to deliver. And that’s what I’m holding myself and the team accountable to. So it’s not always the most glamorous part, but it is the tactical things that have you pull off a strategy at the end of the day. Focus, execution and accountability.”
In the fourth quarter, Under Armour’s net income received an $87 million boost from a tax valuation allowance and tallied $170.5 million, or 38 cents a share — up from losses of $59.6 million, or 13 cents, a year earlier. But the progress was more gradual on an adjusted basis, with earnings per share coming in at 18 cents, 3 cents ahead of the 15 cents analysts projected on average, according to FactSet. Revenues for the three months ended March 31 rose 7.5 percent to $1.4 billion from $1.3 billion in the prior-year period.
This year, Under Armour is expecting its revenues to be flat to up slightly with diluted earnings per share of 47 cents to 51 cents — down from 58 cents this past year.
On Wednesday, Linnartz said of the changes: “As we continue strengthening our foundation to transform Under Armour faster by driving sharper focus and execution against PTH3, we are delighted to welcome Jim Dausch to our executive leadership team. Jim is a seasoned executive with deep experience leading transformational initiatives, including digital expansion, global loyalty programs and launching new businesses and brands. I am confident that his world-class leadership will help unify our team of extremely talented teammates to help drive the next phase of our growth.”
As chief consumer officer, Dausch will oversee global brand marketing, digital engagement and customer experience across all channels.
Browne, who has been with Under Armour since 2016, had overseen the company’s digital strategy, direct-to-consumer operations and its supply chain. He also served as interim CEO from June 2022 through February of this year when Linnartz came on board. Following his departure later this year, Under Armour will no longer seek a COO, but rather a chief supply chain officer, the company said.
However, Collier’s role will be replaced and the company has started an external search for a new chief product officer. Until a successor is named, Dan Leraris, head of apparel, will serve as interim chief product officer, effective Monday.
“I would like to thank Colin for his leadership at Under Armour and his partnership in helping lay out the foundations of PTH3,” Linnartz said. “Colin has played an integral role in Under Armour’s transformation, and his leadership, among other things, played a critical role in navigating significant supply chain challenges during the global COVID-19 pandemic.” She also said of Collier: “On behalf of all of the teammates at Under Armour, we wish Lisa the best in her future endeavors. We look forward to continue building, evolving and enhancing our product lineup based on the foundations she helped establish.”
Collier was named chief product officer in April 2020 after serving as president and CEO of Not Your Daughter’s Jeans from 2016 to 2019. She also worked for Levi Strauss for 13 years. She was hired by Frisk.
Miles joined Under Armour in 2021 and leads its global technology operations. He will report to Linnartz.
In its proxy filing on Tuesday, Under Armour said Linnartz received stock awards valued at $11 million, as well as a total salary of $125,000 and a bonus of $175,000 for the fiscal year ended March 31.
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