Under Armour Inc. (NYSE: UAA) has announced that there would be a big change in executive leadership. Effective January 1, 2020, current chief executive officer and founder, Kevin Plank, will hand off the CEO role to Patrik Frisk.

Frisk has served as the company’s president and chief operating officer since 2017. Note that Frisk will also be joining the board of directors with this move.

As a result, Plank will become executive chair and brand chief, continuing to lead Under Armour’s board of directors while focusing on product elevation, amplifying the brand story and stewarding the company’s strong team culture.

Plank commented:

Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO. 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.

Frisk added:

I joined Under Armour to be part of an iconic brand that demonstrated the power of sport and premium experience, when properly harnessed, is capable of unlimited possibilities. Today, I am even more resolute in this conviction. The opportunity that lies ahead of us is incredible. As our entire global team continues to lean hard into our transformation, I am honored to lead this great brand toward the realization of its full potential.

Shares of Under Armour traded up about 5% on Tuesday to $21.08, in a 52-week range of $16.52 to $27.72. The consensus price target is $22.82.

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