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Shares of Under Armour (NYSE: UAA) (NYSE: UA) fell sharply on Thursday after the athletic apparel maker announced the imminent and unexpected departure of its chief executive officer.
Patrik Frisk will step down from his roles as CEO and board member on June 1. Chief operating officer Colin Browne will take on interim CEO duties at that time until a permanent replacement is found. Frisk will stay on as an advisor to the company until Sept. 1.
Under Armour is looking to fill its CEO's seat. Image source: Getty Images.