BALTIMORE, May 18, 2020 /PRNewswire/ -- Under Armour, Inc.
(NYSE: (UA, UAA) today announced that Mohamed A. El-Erian, a board member since 2018,
has been appointed lead independent director of the company's Board
of Directors, effective upon his re-election at Under Armour's 2020
Annual Meeting on May 27, 2020. Dr.
El-Erian succeeds A.B. "Buzzy" Krongard, who has served in the lead
director role since 2006.
"Throughout his 15-year tenure with Under Armour, Buzzy has
served with distinction in helping us become one of the world's
largest athletic performance companies," said Under Armour
Executive Chairman and Brand Chief Kevin
Plank. "It is with great pleasure that we honor Buzzy's
legacy and express our sincere thanks to him for his leadership,
strategic counsel and significant contributions during his many
years of service to the brand."
Plank continued, "As we work through our strategic
transformation, the Board's selection of Mohamed to the lead
independent director role is a testament to his extensive
leadership abilities and our continued commitment to rigorous
oversight and sound governance practices. In partnership with all
Board members, this appointment further underscores our steadfast
attention to returning Under Armour to growth and profitability for
our shareholders over the long-term."
"I am honored to be appointed lead director, follow Buzzy's
successful and impactful tenure, and look forward to contributing
to the success of Under Armour," said Dr. El-Erian. "As the company
continues to navigate a complex set of challenges, the combination
of a well-constructed playbook, exceptionally talented teammates
and the power of this brand ensures that Under Armour is well
positioned to realize its considerable potential."
Mohamed A.
El-Erian
Dr. El-Erian joined Under Armour's board in 2018 and has served
on the Finance and Capital Planning, and Audit committees.
He is currently chief economic advisor at Allianz, the
corporate parent of PIMCO where he served as CEO and co-chief
investment officer. He is President-Elect of Queens' College Cambridge, slated to take office in
October 2020 and served this year as
a Professor of Practice at The Wharton School and Senior Global
Fellow of the Lauder Institute. Dr. El-Erian is also a columnist
for Bloomberg Opinion, a contributing editor at the Financial
Times and senior advisor to Gramercy Funds Management. He first
joined PIMCO in 1999 as a senior member of the portfolio management
and investment strategy group. From 2012 to 2017, he was chair of
the U.S. President's Global Economic Development Council.
Previously, he was a managing director at Salomon Smith
Barney/Citigroup in London and worked at the
International Monetary Fund for 15 years, rising to the position of
Deputy Director. He is currently a board member of Barclays, the
National Bureau of Economic Research (serving on the NBER's
Executive Committee), and chairs the Microsoft Investment Advisory
Committee. Dr. El-Erian holds bachelor's and master's degree from
Cambridge University, and a master' and
doctorate degree from Oxford University.
Committee Leadership and Composition Changes
Douglas A. Coltharp will replace
Mr. Krongard as Chair of the Audit Committee. Mr. Coltharp, a board
member since 2004 and longstanding Audit Committee member, will
continue his role as Chair of the Finance and Capital Planning
Committee. Since May 2010, Mr.
Coltharp has served as Executive Vice President and Chief Financial
Officer of Encompass Health Corporation. Prior thereto, Mr.
Coltharp served as a partner at Arlington Capital Advisors and
Arlington Investment Partners, a Birmingham, Alabama based financial advisory
and private equity business from May
2007 to April 2010 and as
Executive Vice President and Chief Financial Officer of Saks
Incorporated and its predecessor organization from November 1996 to May
2007.
Eric T. Olson, Admiral U.S. Navy
(Retired) and former Commander, U.S. Special Operations Command,
will remain chair of the Corporate Governance Committee. Mr. Olson
has been an Under Armour board member since 2012.
Harvey L. Sanders, former Chief
Executive Officer and Chairman of Nautica Enterprises, Inc., will
remain chair of the Compensation Committee. Mr. Sanders has been an
Under Armour board member since 2004.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer and distributor of branded athletic performance apparel,
footwear and accessories. Powered by one of the world's largest
digitally connected fitness and wellness communities, Under
Armour's innovative products and experiences are designed to help
advance human performance, making all athletes better. For further
information, please visit https://about.underarmour.com.
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SOURCE Under Armour, Inc.