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Under Armour & Nike's CEO Shuffle

Video Credit: The Street - Duration: 02:20s - Published
Under Armour & Nike's CEO Shuffle

Under Armour & Nike's CEO Shuffle

Nike and Under Armour have a new sport: the CEO shuffle.

Chris Versace, Real Money contributor, and Jacob Sonenshine, a reporter for TheStreet broke down what investors should expect from both companies under their new CEO's.

Let's Start With Nike Nike announced CEO Mark Parker will step down in 2020, and board member John Donahoe will take over as president and chief executive, effective Jan.

13.

Parker will become executive chairman of the board.

He has been Nike's CEO since 2006.

Parker told CNBC Tuesday that the Alberto Salazar scandal had "absolutely nothing" with him leaving the top job and that succession plans have been months in the making.

"This is not something that happens in a matter of weeks," he said.

And Under Armour... The Nike news followed Under Armour's announcement that Kevin Plank will step down as CEO and will be replaced in the top spot at the sports apparel company by President and Chief Operating Officer Patrik Frisk.

The moves are effective Jan.

1.

Frisk, 56 years old, will report to Plank, who will become executive chairman and brand chief.

Plank founded Under Armour in 1996.

"Our multi-year, transition approach has ensured purposeful leadership continuity.

Patrik is the right person to serve as Under Armour's next CEO," said Plank.

"As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand's vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation."


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