Patrik Frisk

Last updated
Patrik Frisk
Born1962/1963(age 58–59) [1]
Sweden
NationalitySwedish and American
OccupationBusinessman
TitleFormer CEO, Under Armour [2]
TermJanuary 2020-May 2022
Predecessor Kevin Plank
Board member ofUnder Armour

Patrik Frisk (born 1962/1963) is a Swedish/American businessman in the apparel industry. [3] From 2020 to 2022, he was the president and CEO of Under Armour, when he succeeded the company's founder, Kevin Plank. [2] He was previously president and chief operating officer of the company since 2017. [3] [4] Frisk has worked for 30 years in retail and has had senior positions at The North Face and Timberland, before joining the ALDO Group in 2014 as CEO. [4] [5]

Contents

Early life

Frisk was born in Sweden. [6]

Career

Early career

Early in his career, Frisk was involved in several enterprises in Gällstad, Sweden, including the Swedish apparel company Ivanhoe. [7] He helped launch Lager 157, a Swedish chain of specialty retail clothing stores, in the early 2000s. [3] [7] He subsequently held senior positions at the Swedish outdoor-apparel maker Peak Performance and at W. L. Gore and Associates, the maker of Gore-Tex fabrics. [3] Later Frisk joined the American apparel and footwear company VF Corporation. [3]

Afterwards as president of The Timberland Company, [3] [7] he was "credited with revitalizing the Timberland brand" during his three-year tenure at the company. [3] In April 2014, Frisk was promoted to coalition president for Outdoor Americas, with responsibility for The North Face, Timberland, JanSport, Lucy Activewear, and Smartwool brands. [8]

Aldo Group

In 2014, Frisk became CEO of the footwear company and retailer Aldo Group. [3] Frisk restructured the company, [7] including streamlining its North American operations while expanding overseas, reassessing styles and brands, increasing sales to other chains, [9] establishing new systems and products, increasing research on customers, [10] digitizing the company, [9] and implementing Salesforce.com products to understand and communicate with customers. [11] Frisk's role was also to prepare the company for the founder's son, David Bensadoun, to take over. [7] Frisk left at the end of March 2017 to make way for Bensadoun as CEO. [3]

Under Armour

In 2017, Under Armour CEO Kevin Plank asked him to become president and chief operating officer; in doing so Plank relinquished his own status as president and also re-filled the COO position, which had not existed since 2015. [3] Frisk assumed the offices effective 2017, with responsibility for go-to-market strategy and execution of its long-term growth plan. The company reorganized so that the heads of revenue, product, marketing, supply chain, and strategy reported to Frisk, who in turn reported to Plank. [12]

Frisk was brought in after Under Armour's two decades of North American growth dipped in 2017, particularly from competition via Nike and Adidas and from changing consumer buying patterns. [3] [13] He launched a multi-year restructuring plan to cut costs, reduce inventory levels, tighten operations, and stabilize business. [13] [11] He began refocusing the company on being a "performance" brand. [11] In 2018, his total compensation at Under Armour was $6,285,000. [4]

In October 2019, Plank announced that Frisk would become Under Armour's CEO in January 2020, while Plank would become executive chairman and brand chief. [14] In addition to being Under Armour's president and CEO, Frisk joined the company's board of directors. [15] He continues to report to Plank. [14]

In May 2022, Under Armour announced that Frisk would be stepping down as CEO at the beginning of June and would stay on as an advisor until September 2022. [16]

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References

  1. ↑ "Patrik Frisk To Become Chief Executive Officer Of Under Armour On January 1, 2020". PRNewswire. October 22, 2019. Retrieved 2 January 2020.
  2. 1 2 Singh, Prachi (2019-10-22). "Patrik Frisk to replace Kevin Plank as the new Under Armour CEO". fashionunited.uk. Retrieved 2020-01-28.
  3. 1 2 3 4 5 6 7 8 9 10 11 Mirabella, Lorraine (June 27, 2017). "Under Armour brings in new president; Plank remains CEO". www.baltimoresun.com. The Baltimore Sun . Retrieved January 26, 2020.
  4. 1 2 3 Weilheimer, Neil (October 22, 2019). "5 Things to Know About Kevin Plank's Successor, Patrik Frisk". Footwear News. Retrieved 2 January 2020.
  5. ↑ "Timberland's Frisk Leaves to Become Aldo Group CEO". BoF. October 24, 2014. Retrieved 2 January 2020.
  6. ↑ Myers, Joseph (June 29, 2017). "Can Under Armour's New President Revive the Slumping Apparel Seller?". promomarketing. Retrieved 2 January 2020.
  7. 1 2 3 4 5 "From Gällstad to global brands". www.bt.se. Borås Tidning. March 7, 2017. Retrieved January 26, 2020.
  8. ↑ Rupp, Lindsey (October 23, 2014). "Timberland's Frisk Leaves to Become CEO of Aldo Group". www.bloomberg.com. Bloomberg . Retrieved January 26, 2020.
  9. 1 2 Strauss, Marina (March 11, 2016). "Aldo's Reboot". www.theglobeandmail.com. The Globe and Mail . Retrieved January 31, 2020.
  10. ↑ Jones, Michael (May 31, 2016). "The Recession Mentality: 3 Ways Frugality Has Shaped Today's Consumer". Forbes . Retrieved January 31, 2020.
  11. 1 2 3 Withers, Brian (November 16, 2017). "Can Kevin Plank's Hired Gun Help Get Under Armour Back on Track?". www.fool.com. The Motley Fool . Retrieved January 31, 2020.
  12. ↑ Mirabella, Lorraine (June 27, 2017). "Who is new Under Armour president Patrik Frisk?". www.courant.com. Hartford Courant . Retrieved January 31, 2020.
  13. 1 2 Sun, Leo (October 24, 2019). "Can Under Armour's New CEO Bring Back the Bulls?". www.fool.com. The Motley Fool . Retrieved January 31, 2020.
  14. 1 2 Wilen, Holden (October 22, 2019). "Patrik Frisk tapped to succeed Kevin Plank as CEO of Under Armour". www.bizjournals.com. Baltimore Business Journal . Retrieved January 26, 2020.
  15. ↑ Reed, Lillian (October 22, 2019). "Who is new Under Armour CEO Patrik Frisk?". www.baltimoresun.com. The Baltimore Sun . Retrieved January 26, 2020.
  16. ↑ Thomas, Lauren (2022-05-18). "Under Armour CEO Patrik Frisk to step down, interim chief to take over June 1". CNBC. Retrieved 2022-05-20.
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