Kevin Plank | $1B+
Get in touch with Kevin Plank | Kevin Plank, founder and executive chairman of Under Armour, transformed an idea born from sweat-soaked T-shirts into a global performance apparel brand that redefined athletic wear. Launching Under Armour in 1996 from his grandmother’s basement, he introduced moisture-wicking compression gear to football teams and quickly expanded the brand across professional sports, retail, and international markets. Plank led Under Armour through explosive growth, celebrity partnerships, and a high-profile IPO, while cultivating a bold, challenger culture. After stepping back from the CEO role, he remains the company’s strategic force and a major investor in real estate and hospitality through Sagamore Ventures.
Kevin A. Plank (born August 13, 1972) is an American entrepreneur and the founder, chairman, and chief executive officer of Under Armour, Inc., a multinational corporation specializing in performance athletic apparel, footwear, and accessories.[1][2][3]Plank grew up in Kensington, Maryland, as the youngest of five brothers in a middle-class family, developing an early passion for football that led him to play as a special teams captain for the University of Maryland Terrapins, from which he graduated in 1996 with a bachelor's degree in business administration.[1][4][5] During his college years, frustration with sweat-soaked cotton T-shirts during games inspired him to develop moisture-wicking synthetic fabric alternatives, leading to the incorporation of Under Armour in 1996 from his grandmother's basement in Washington, D.C.[1][3][6]Under Plank's leadership, Under Armour expanded rapidly from its initial sales to college football teams, achieving $17,000 in revenue by the end of 1996 and going public in 2005, which propelled it to become a Fortune 500 company challenging industry giants like Nike and Adidas through innovation in performance gear.[7][2] He served as CEO from the company's inception until 2020, when he transitioned to executive chairman amid challenges including slowing growth and inventory issues, before returning as CEO in April 2024 to refocus on core strengths in athletic apparel.[2][8] As of recent estimates, Plank's net worth exceeds $1 billion, primarily from his significant ownership stake in Under Armour.[2]
Early life and education
Childhood and family background
Kevin Plank was born on August 13, 1972, in Kensington, Maryland, a suburb of Washington, D.C.[5][9] He grew up in a middle-class family as the youngest of five brothers, with his oldest brother 13 years his senior.[4][10]His parents were William Plank, a prominent Maryland land developer involved in commercial and residential real estate, and Jayne Plank, who served as mayor of Kensington.[11][12] William Plank emphasized hard work in the family, assigning his sons tasks such as laboring on housing development projects or shoveling the driveway, often rewarding completion with small incentives like an Oh Henry! candy bar.[10] This upbringing in a competitive household of boys fostered a strong work ethic and team-oriented mindset from an early age.[13]William Plank died in 1992 after suffering financial losses in the real estate market crash, leaving the family to navigate challenges during Kevin's late teenage years.[4] Jayne Plank, described as resilient, played a key role in maintaining family stability amid these circumstances.[14] Plank's early exposure to his father's business ventures and the suburban Kensington environment, once centered around a farmhouse on Frederick Avenue, shaped his initial interests in athletics and entrepreneurship.[10]
University of Maryland years
Plank enrolled at the University of Maryland, College Park in 1992 and graduated in 1996 with a bachelor's degree in business administration from the Robert H. Smith School of Business.[15][16]As a walk-on to the Maryland Terrapins football team, lacking recruitment from top programs, Plank earned a spot and primarily contributed on special teams, serving as captain in that unit during the 1995 season.[17][18] He appeared in nine games in 1994 as a linebacker, recording one rush for six yards, and eleven games in 1995 listed as a running back, with four rushes for 11 yards, one reception for five yards, and one kick return.[19] His limited offensive stats reflected a focus on special teams blocking and coverage roles rather than skill-position carries.Frustration with sweat-saturated cotton T-shirts during intense practices and games—particularly two-a-days as special teams captain in the summer of 1995—inspired Plank to seek synthetic fabrics that wicked moisture away from the body, laying the groundwork for what became Under Armour's signature HeatGear line.[18][15]To fund early entrepreneurial pursuits, Plank launched an on-campus Valentine's Day flower delivery service called Cupid's during his redshirt freshman year, targeting efficient sales of roses to students and generating initial capital through bulk orders and deliveries.[20][21] This venture, which he scaled by aiming for sales of 100 dozen roses at $25 each plus delivery fees, provided seed money exceeding $17,000 by the time he prototyped performance apparel post-graduation.[22]
Business career
Founding of Under Armour
Kevin Plank conceived the idea for Under Armour in 1995 while serving as special teams captain for the University of Maryland football team, frustrated by the way traditional cotton t-shirts absorbed sweat and became heavy during games and practices.[3] He sought to create an alternative using synthetic fabrics that could wick moisture away from the body, keeping athletes drier and more comfortable.[23] Plank developed the company's first prototype in 1996, dubbed "The Shorty," a form-fitting, stretchy compression shirt engineered for performance rather than aesthetics.[23][24]Under Armour was formally founded in 1996, with initial operations run from the basement of Plank's grandmother's rowhouse in Washington, DC's Georgetown neighborhood.[23] Plank personally sourced materials and manufactured early products, then sold them out of his car trunk to college and professional football teams.[25] The company's breakthrough came with its debut sales that year, including an initial order from the Georgia State football team followed by deals with NFL squads like the Atlanta Falcons and New York Giants, generating $17,000 in revenue by year's end.[25][26] This bootstrapped approach emphasized direct-to-athlete distribution, bypassing traditional retail channels to build credibility through on-field performance.[6]
Growth and leadership challenges
Under Armour experienced rapid growth under Plank's leadership from its founding in 1996, achieving $5.3 billion in revenue by fiscal 2019, but this expansion brought significant challenges, including overreliance on wholesale channels and aggressive international scaling that strained operations.[27] The company's push into lifestyle apparel and footwear diluted its core identity as a performance gear innovator, contributing to stagnant sales and market share erosion against competitors like Nike and Adidas, with Under Armour's North American revenue declining 2% in fiscal 2023.[28] Investments in connected fitness platforms like MapMyFitness, acquired in 2013 for $150 million, failed to deliver expected synergies amid integration issues and a broader digital pivot that distracted from product innovation.[29]Leadership under Plank faced criticism for high executive turnover and an autocratic style, exemplified by the rapid succession of CEOs after his 2020 departure—Patrik Frisk in 2020, then Stephanie Linnartz in 2023, both lasting under three years—attributed partly to Plank's continued influence as executive chairman.[30] In 2017, shareholders sued Plank and executives, alleging they misled investors about demand and financial health by accelerating revenue recognition and downplaying wholesale dependency, resulting in a $120 million settlement in 2019 without admission of wrongdoing.[27] Plank's 2024 return as CEO amplified concerns over micromanagement, as he publicly endorsed intense oversight for "speed and accountability" while acknowledging its potential to stifle creativity, amid reports of internal cultural tensions.[31]Personal conduct issues compounded leadership scrutiny; in 2019, reports emerged of Plank's consensual relationship with a subordinate, prompting an internal review and his initial CEO step-down to refocus the company, though he retained significant control.[28] These factors contributed to a 90% drop in Under Armour's stock price from its 2015 peak to 2020, reflecting investor doubts about sustained growth and governance stability under Plank's vision.[29] Despite these hurdles, Plank emphasized refocusing on core athletic innovation and direct-to-consumer sales post-2020, aiming to reclaim wholesale partnerships and leverage athlete endorsements like Stephen Curry's to rebuild momentum.[30]
Other ventures
In 2012, Kevin Plank established Sagamore Ventures, a Baltimore-based family office and private investment firm that manages his diversified portfolio outside of Under Armour, focusing on commercial real estate, hospitality, food and beverage, and venture capital initiatives aimed at economic development in Baltimore.[32][33] Originally operating as Plank Industries, the firm supports Plank family investments and has included stakes in technology startups such as SocialToaster (a social media management platform) and Jafflz (a food products company), though specific investment amounts and dates for these remain undisclosed.[34]A prominent holding was Sagamore Spirit, a grain-to-glass rye whiskey distillery founded by Plank in 2013 in Baltimore, inspired by Maryland's historical whiskey production traditions and initially envisioned as a vineyard before shifting to spirits.[35] The brand emphasized local sourcing, including water from the Liberty Reservoir, and released its first whiskey in 2017; Plank sold a majority stake to Italian spirits company Illva Saronno Holding (parent of Disaronno) in September 2023 for an undisclosed sum, retaining a minority equity position.[36][37]Sagamore Ventures also held a major equity stake in the Baltimore Peninsula redevelopment project, a multi-billion-dollar transformation of the former Port Covington industrial site into a mixed-use district with offices, residential units, and amenities, announced in 2016 and ongoing as of 2025.[33] In hospitality, the firm co-owned the Sagamore Pendry, a luxury hotel opened in 2018 in Baltimore's Fells Point neighborhood, which was sold in September 2025 to a hotel management company, with Plank and his brother Scott divesting their interests.[38] These ventures have intertwined with Under Armour through transactions, including over $73 million in payments from the company to Plank-affiliated entities like Sagamore Development Holdings in 2016 for real estate and services.[39]
Return to Under Armour CEO role
On March 13, 2024, Under Armour announced that founder Kevin Plank would return to the role of president and chief executive officer, effective April 1, 2024.[40][41] Plank, who had served as CEO from the company's founding in 1996 until January 2020—when he transitioned to executive chair and brand chief—succeeded Stephanie Linnartz, who had assumed the CEO position in May 2023 and stepped down after less than a year.[41][42] Linnartz agreed to advise the company through April 30, 2024.[40]The leadership change came amid Under Armour's struggles with post-pandemic consumer shifts, industry headwinds, and brand-specific challenges, including stagnant revenue growth and declining market share in North America, which accounts for roughly two-thirds of sales.[41][8] Plank stated that the company was not achieving its ambitions to position itself as a premium brand, emphasizing a need to refocus on athlete inspiration and core strengths.[40][43] In conjunction with Plank's return, Mohamed A. El-Erian was appointed non-executive chair of the board, replacing Plank in that role, with the board citing Plank's "vision and drive" as key to accelerating transformation.[40][42]Upon announcement, Under Armour's shares initially rose about 6% in after-hours trading to $8.26, reflecting some investor optimism for Plank's founder-led revival.[41] However, analysts expressed skepticism, noting Plank's prior tenure involved aggressive expansion that prioritized growth over profitability, contributing to recent inconsistencies, and questioning whether his return aligned with a cost-focused turnaround rather than revenue acceleration.[44][45] Plank outlined immediate priorities including streamlining product offerings by 25% and enhancing go-to-market speed to rebuild brand premium positioning.[46]
Philanthropy and community involvement
Baltimore initiatives
Plank has directed personal philanthropy exceeding $25 million toward Baltimore-based organizations, emphasizing education and youth development programs.[47]A key initiative is Project Rampart, launched by Under Armour to enhance student-athlete experiences and boost academic performance in Baltimore public schools, with goals including raising high school graduation rates through sports-based interventions.[48][49]In 2016, Plank and Under Armour provided significant funding to Living Classrooms Foundation for renovating the former Carmelo Anthony site into UA House at Fayette, a community center in East Baltimore offering youth programs in education, wellness, and workforce development.[50]His Plank Family Foundation granted $1 million in 2023 for scholarships enabling high-need Baltimore City children to attend Catholic elementary and high schools, addressing access barriers in under-resourced areas.[51][52]Under Armour's annual Armour Day, held since 2004, mobilizes employee volunteers for Baltimore community service, such as school beautification projects including painting and landscaping at local middle schools; in September 2024, efforts focused on maintenance tasks that public schools lacked resources to complete.[53][54]In 2019, Under Armour volunteers logged 12,000 hours to overhaul three Baltimore City middle schools, supporting infrastructure improvements tied to educational outcomes.
Education and entrepreneurship support
Plank has supported educational initiatives primarily through substantial donations to his alma mater, the University of Maryland. In 2014, he pledged $25 million to fund renovations and expansion of an academic, research, and athletics facility on campus, aimed at enhancing student experiences in sports and scholarship.[55] He serves on the University of Maryland College Park Foundation board, where his involvement promotes programs in education, leadership, and innovation.[56]Through the Plank Family Foundation, established to advance youth development, Plank directs grants toward educational access and opportunities, including tuition support for students in Baltimore's Catholic schools via a 2016 donation to the Archdiocese of Baltimore. The foundation also backs broader youth education efforts, such as Under Armour's Project Rampart, which integrates sports with academic improvement to boost student-athlete outcomes in participating schools.[48] In Baltimore, Plank has committed resources to elevate public high school graduation rates, emphasizing structured programs for at-risk youth.[49]In entrepreneurship, Plank has fostered startup ecosystems at the University of Maryland's Robert H. Smith School of Business. In 2007, he co-established a 175,000[entrepreneurship](/page/Entrepreneurship)fundwithformer[Hewlett−Packard](/page/Hewlett−Packard)CEO[CarlyFiorina](/page/CarlyFiorina)toseedstudentandalumniventures.[](https://www.rhsmith.umd.edu/news/carly−fiorina−and−under−armours−kevin−plank−establish−175k−entrepreneurship−fund−university−maryland)HeannuallyfundsandjudgestheCupid′sCupbusinesscompetition,providingprizemoney—suchas25,000 to winners in 2010—to promising university-affiliated startups, drawing from his own early college side hustle selling roses.[57] The Plank Family Foundation extends this focus by granting to entrepreneurship programs, prioritizing innovation and youth-led enterprises in the Baltimore region.[58]
Personal life
Family and residences
Plank married Desiree Jacqueline Guerzon, a Filipina-American registered nurse, on March 15, 2003.[59][60] The couple has two children: a son and a daughter named Katherine.[61][62]Plank and his family primarily reside in Lutherville, Maryland, a suburb north of Baltimore.[60][63] In 2025, he listed Sagamore Farm, a roughly 400-acre estate in Baltimore County that includes a 15,633-square-foot main residence with seven bedrooms, horse training facilities, and breeding operations, for $22 million; the property was once owned by the Vanderbilt family.[64][65]Plank has owned additional properties, including a 12,000-square-foot Georgetown rowhouse in Washington, D.C., which sold for $17.25 million in June 2020, and a nearly 7,000-square-foot penthouse at Montage Deer Valley in Park City, Utah, listed for $21.5 million in December 2022.[66][67]
Political views
Kevin Plank has donated to political candidates and committees affiliated with both the Democratic and Republican parties. In September 2015, Plank and his wife each contributed $2,700 to Hillary Clinton's presidential campaign committee.[68] In 2017, he donated $5,400 directly to Donald Trump's campaign, $29,600 to the Republican National Committee, and $35,000 to the Trump Victory joint fundraising committee.[69]In a February 7, 2017, appearance on CNBC's Halftime Report, Plank praised Trump as a "pro-business president" and an "asset" for the country, citing his real estate background as evidence of potential benefits for American manufacturing.[70] The remarks prompted backlash from Under Armour endorsers, including Stephen Curry, who stated he would terminate his partnership with the brand if it aligned with such views.[71] Plank responded with an open letter to employees on February 14, 2017, affirming Under Armour's commitment to equal rights, diversity, and inclusion, while clarifying that his comments focused solely on business policy.[72]Plank distanced himself from the Trump administration amid subsequent controversies. On August 14, 2017, he resigned from the President's American Manufacturing Council following the Charlottesville rally, stating the need to prioritize company values.[73] He publicly opposed Trump's January 2017 travel ban, pledging Under Armour's participation in business coalitions against restrictive immigration policies that could harm talent recruitment.[74] In June 2017, Plank criticized the U.S. withdrawal from the Paris climate agreement as detrimental to global manufacturing competitiveness.[75] In July 2019, he defended Baltimore on Instagram against Trump's characterization of the city as infested, highlighting Under Armour's investments and employee pride in the area.[76]Plank's expressed positions emphasize pragmatic, business-oriented priorities such as manufacturing revival, trade policies, and economic growth over ideological commitments, with actions reflecting responses to policy impacts on Under Armour rather than consistent partisan allegiance.[77]
Controversies and criticisms
Business and corporate governance issues
Under Armour faced significant scrutiny over its accounting practices between 2015 and 2017, during which the company accelerated future-period sales into current quarters to meet revenue targets, a practice known as "pulling forward" sales. This involved structuring deals with distributors to recognize revenue prematurely, which obscured declining underlying demand and misled investors about sustainable growth.[78] The U.S. Securities and Exchange Commission (SEC) charged Under Armour in May 2021 with disclosure failures, alleging the company failed to adequately disclose these tactics despite internal awareness of their impact on financial reporting; Under Armour settled the matter without admitting or denying wrongdoing, agreeing to pay a $9 million civil penalty and to cease and desist from future violations.[78][79]These accounting issues triggered a related class-action shareholder lawsuit filed in 2017, accusing founder and then-CEO Kevin Plank, along with other executives, of knowingly or recklessly making false statements about consumer demand and sales trends from the third quarter of 2015 through the fourth quarter of 2016. The suit claimed insiders, including Plank, benefited by selling over $300 million in company stock while in possession of non-public information about weakening demand.[80][81] In June 2024, Under Armour agreed to a $434 million settlement to resolve the claims, subject to court approval, marking one of the largest securities class-action payouts in the apparel sector without an admission of liability.[82] A parallel federal probe into the accounting practices was reported in November 2019, though it did not result in further public enforcement actions beyond the SEC resolution.[83]On corporate governance, Under Armour's dual-class stock structure has concentrated voting power in Plank's hands, granting Class B shares—held primarily by him—10 votes per share compared to one vote for Class A shares, enabling him to control over 60% of voting rights with roughly 20% economic ownership as of 2015. In June 2015, Plank proposed amendments to the company's charter to protect this structure from dilution, a move critics argued exemplified poor governance by entrenching founder control and reducing accountability to broader shareholders.[84][85] Opponents of such arrangements, including governance watchdogs, contend they prioritize insider interests over minority shareholders, potentially exacerbating issues like the accounting lapses by limiting board oversight.[85]Additional governance concerns arose in 2019 when Plank used Under Armour's corporate aircraft for personal business, including trips to promote his separate venture, Sagamore Spirit whiskey distillery, prompting questions about potential conflicts of interest and improper commingling of company assets with private endeavors.[86] Under Armour's board reviewed the matter but did not disclose specific disciplinary actions, fueling perceptions of lax internal controls under Plank's dominant influence. These episodes contributed to broader investor unease, reflected in the company's stock decline of over 80% from its 2015 peak through 2020.[86]
Political involvement backlash
In February 2017, Kevin Plank, founder and CEO of Under Armour, drew widespread criticism after praising President Donald Trump in a CNBC interview on February 7. Plank described Trump's presidency as a "real asset for the country," highlighting its potential benefits for American manufacturing and business growth. [87] The remarks, made amid heightened political polarization following Trump's inauguration, prompted immediate social media campaigns urging consumers to boycott Under Armour, including hashtags such as #BoycottUnderArmour and #GrabYourWallet.[88] [74]Prominent Under Armour-endorsed athletes publicly distanced themselves from Plank's statements, amplifying the fallout. Stephen Curry, the NBA star central to Under Armour's basketball marketing, stated on February 9 that he disagreed with Plank and would be willing to forgo his signature shoe line if it implied support for Trump.[89] [90] Dwayne "The Rock" Johnson, a key ambassador for the brand's apparel, posted on Instagram that he did not view Trump as an asset to the country and emphasized unity over division.[91] [71] Ballerina Misty Copeland also expressed opposition, tweeting her disappointment and calling for inclusivity.[74] These responses from high-profile figures, whose endorsements drove significant revenue, fueled perceptions that Plank's views aligned the brand with controversial politics, leading to a reported stock downgrade by analysts citing reputational risks.[90] [92]Plank addressed the controversy on February 15, 2017, via a full-page open letter in The Baltimore Sun, clarifying that his comments focused solely on business policy and not a blanket endorsement of Trump's agenda. He reaffirmed Under Armour's commitment to diversity, inclusion, and global opportunity, stating the company would continue engaging policymakers across parties.[93] [89] Despite the clarification, the episode strained relations with some endorsers and consumers, with Curry later noting in 2017 that the shoe line's future hinged on alignment with Under Armour's values. Plank had previously donated $2,700 to Trump's 2016 campaign, though his political contributions included support for candidates from both parties.[94]The backlash subsided over time, but it highlighted tensions between corporate leaders' personal views and brand image in a politically charged environment. Plank later diverged from Trump on specific issues, such as criticizing the 2017 withdrawal from the Paris Climate Agreement and resigning from the President's American Manufacturing Council in August 2017 following the Charlottesville unrest.[95] [76] In 2019, he defended Baltimore against Trump's attacks on Representative Elijah Cummings, underscoring local pride over partisan conflict.[76] No comparable widespread backlash has been reported since, though the 2017 incident remains a notable case of CEO political commentary impacting consumer-facing brands.[74]
Recognition and honors
Business achievements
Kevin Plank founded Under Armour in 1996 after developing the concept in 1995 as special teams captain for the University of Maryland football team, focusing on moisture-wicking synthetic fabric T-shirts to replace sweat-soaked cotton alternatives used by athletes.[23] Operations began in his grandmother's basement in Washington, DC's Georgetown neighborhood.[23] The company achieved its first team sale by the end of 1996, generating $17,000 in revenue that year.[5]Under Armour expanded rapidly without initial external investment, reaching over $200 million in revenue by 2004 through organic sales growth driven by product innovation in performance apparel.[96] The company went public via an initial public offering in November 2005, with revenues nearing $300 million that fiscal year.[46] By fiscal 2010, annual revenue surpassed $1 billion, quadrupling from prior years and marking Under Armour as the first performance apparel brand to achieve this milestone within 15 years of founding.[23] Revenues continued to scale, growing from $281 million in 2005 to $3.1 billion in 2014.[97]Plank served as CEO from founding until 2020, when he transitioned to executive chairman and brand chief to focus on strategic initiatives.[27] He returned as president and CEO on April 1, 2024, succeeding Stephanie Linnartz after a period of leadership changes amid efforts to refocus the brand.[40] Under his leadership, Under Armour pioneered innovations in athletic wear, including advanced fabric technologies that disrupted the sportswear market previously dominated by cotton-based products.[5]
Philanthropic and civic awards
Kevin Plank has received recognition for his philanthropic efforts, particularly those supporting education and community development in Baltimore. In February 2013, Plank was honored by the Ripken Foundation, alongside Muhammad Ali, for his humanitarian contributions, including initiatives aimed at youth development and community revitalization.[98]In 2018, Plank was named to the Philanthropic 50 list by Washington Life magazine, acknowledging his work through the Cupid Foundation, such as a $1 million donation to St. John’s College High School in 2016 and support for Baltimore's Catholic schools and inner-city recreation facilities.[99]These honors reflect Plank's focus on local civic engagement, though specific civic awards tied to his Baltimore redevelopment projects, like donations exceeding $5 million to youth centers, have not resulted in formal accolades beyond broader philanthropic listings.
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