under shield Wed said he hired Marriott International President Stephanie Lennartz will take over as the next CEO, capping a seven-month search for a new boss the company hopes to grow its digital business.
Lennartz, who has been with Marriott since 1997, was one of 60 candidates considered for the position. While activewear represents a huge leap in hospitality, it was chosen because of its digital prowess and success in transforming the hotel chain’s online presence, Under Armor founder and CEO Kevin Plank told CNBC.
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“She’s really educated,” Blank said. “She has this intellectual curiosity and she brings a point of view like a professional.” He said the company is leaning back on its priorities of “digitization, product and brand” after a transition period of five or six years.
Lennartz, who got her start as a financial analyst at Marriott in 1997, will start her new job on February 3rd. 27.
Colin Brown has been serving as interim CEO since June after Patrick Frisk, former Armor CEO, unexpectedly resigned in May. The company said in a press release that Brown will resume his position as chief operating officer.
Blank said the company isn’t looking for a major change in direction and that he “really” likes the strategy that’s currently in place, but he conceded that the brand is “not growing as much as we’d like.”
Under Armor seeks to build its e-commerce operations, increase profits and compete with competing brands Nike And the lululemon As it struggles with low margins, costly litigation and a subdued fiscal year outlook.
The company draws on Lennartz’s experience leading the multi-billion dollar digital transformation of Marriott to accelerate Under Armour’s online initiatives.
During her tenure at Marriott, Lennartz grew the Bonvoy loyalty program to 173 million members and forayed into the world of sports when she developed multi-year partnerships with the NFL, the NCAA and the Mercedes-AMG PETRONAS F1 Team.
In a statement released Wednesday, Marriott CEO Anthony Capuano praised Lennarts, calling him an “incredible CEO.” Will leave the company Feb. 24, three days before starting in Under Armor.
“It was one of the most important and best experiences of my life building a career at Marriott,” Lennarts said in the statement.
She is also a member of the Home Depot Board of Directors. Blank said she would be able to bring this retail background and insight to the position.
Blank said he will remain brand president and CEO, and will continue to be “involved in the business in a significant way.”
“It’s going to be a partnership,” Blanc said. “She and I are going to be partners. We’re not hiding from that.”
Under Armor began with humble roots in 1996. Blank, a former football player, developed the prototype for the brand’s signature moisture-wicking jersey while a student at the University of Maryland and later perfected designs from his grandmother’s basement in Georgetown.
By 2005, he floated the Baltimore-based company, and on the first day of trading, its value had doubled.
Five years later, Under Armor had quadrupled its revenue and passed $1 billion.
Most recently, the company reported sales of $1.57 billion in its fiscal second quarter, up 2% from a year earlier, along with net income of $87 million.
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