Kevin Plank

Kevin Audette Plank (born August 13, 1972) is an American billionaire entrepreneur and business executive who founded Under Armour, a multinational sportswear company headquartered in Baltimore, Maryland. Plank launched the company in 1996 from his grandmother's basement in Washington, D.C., with $40,000 in personal savings and a moisture-wicking T-shirt he designed while playing college football at the University of Maryland.

Under Armour grew from selling athletic apparel out of the trunk of Plank's car to becoming a global brand that peaked at over $20 billion in market capitalization in 2015. The company's 2005 initial public offering was one of the most successful of that year, with shares doubling on the first trading day. Plank served as CEO from the company's founding until 2020, when he transitioned to executive chairman. After the company struggled under successive CEOs, he returned as CEO in April 2024.

Early life and education

Kevin Audette Plank was born on August 13, 1972, in Kensington, Maryland, a suburb of Washington, D.C. He was the youngest of five brothers born to William and Jayne (née Harper) Plank. His father was a prominent Maryland land developer, and his mother served as mayor of Kensington before becoming director of the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan.

Plank attended Georgetown Preparatory School, a private Jesuit institution in Bethesda, Maryland, where he began playing football. After academic and behavioral problems, he transferred to St. John's College High School in Washington, D.C., where he became a standout on the football team. He graduated from St. John's in 1990.

Following high school, Plank spent a year at Fork Union Military Academy in Virginia, a traditional pathway for aspiring college football players seeking additional development. In 1991, he enrolled at the University of Maryland, where he walked on to the football team without a scholarship.

At Maryland, Plank earned a spot on the Terrapins football roster primarily as a special teams contributor. He appeared in nine games in 1994 as a linebacker and eleven games in 1995 as a running back, serving as special teams captain during his senior season. His statistics were modest—a handful of rushing attempts, one reception, and one kick return—but the experience proved transformative for his future business.

His college roommate was Darren Drozdov, a fellow football player who later became a professional wrestler. When Drozdov suffered a 1999 in-ring accident that left him quadriplegic, Plank personally financed his customized wheelchair.

Plank graduated in 1996 with a Bachelor of Science in Business Administration from the University of Maryland's Robert H. Smith School of Business.

Founding Under Armour

The inspiration

The idea for Under Armour originated from Plank's frustration with cotton T-shirts during football practice. As he later described it, he was "the sweatiest guy on the football field," constantly having to change out of soaked undershirts. He noticed, however, that his compression shorts stayed relatively dry throughout practice.

This observation led Plank to research moisture-wicking synthetic fabrics that could keep athletes dry and comfortable. He envisioned a compression T-shirt made from technical fabric that would regulate body temperature and wick sweat away from the skin.

Grandmother's basement (1996)

In September 1996, shortly after graduating from Maryland, Plank founded Under Armour from his grandmother's basement in the Georgetown neighborhood of Washington, D.C. He started with approximately $40,000 in personal savings—seed money he had accumulated partly from Cupid's Valentine, a seasonal business he ran at Maryland selling roses on Valentine's Day.

Working from the basement, Plank experimented with different fabrics and designs, eventually creating a prototype compression shirt. He then loaded samples into the trunk of his car and traveled up and down the East Coast, visiting former teammates and athletic programs to demonstrate his product.

By the end of 1996, Under Armour had sold 500 HeatGear shirts, generating $17,000 in revenue. The early sales came primarily from Plank's network of college contacts—fellow players and equipment managers who understood the problem he was trying to solve.

Early growth

In 1997, Plank received $100,000 in orders, forcing him to find manufacturing capacity. He secured a factory in Ohio to produce the shirts and began scaling the operation.

In 1998, Under Armour relocated from the Georgetown basement to Baltimore, Maryland, where the company has remained headquartered. The same year, the company received a significant boost when the film Any Given Sunday featured Under Armour products, providing valuable exposure.

IPO and explosive growth

On November 18, 2005, Under Armour completed its initial public offering on the New York Stock Exchange. The company priced shares at $13, but they opened at $31—more than double the offering price. Under Armour became the first U.S.-based IPO in five years to double its stock price on the first trading day, raising $157 million in the process.

The successful IPO validated Plank's vision and provided capital for aggressive expansion. Under Armour surpassed $1 billion in annual revenue in 2010, just fifteen years after its founding. Revenue continued growing, exceeding $5 billion for the first time in 2018.

At its peak in 2015, Under Armour's market capitalization exceeded $20 billion, making Plank a billionaire many times over.

CEO tenure and company challenges

Competition and slowing growth

By 2016, Under Armour's growth began slowing as the company faced intensified competition from Nike and Adidas, along with shifting consumer preferences. Revenue growth, which had exceeded 20% annually for years, decelerated to single digits by 2017.

The company's stock price suffered correspondingly, falling approximately 45% in 2017 alone. Analysts cited multiple challenges: peaking sales growth, narrowing profit margins, excessive valuation, and questions about management decisions.

Trump controversy (2017)

In February 2017, Plank sparked significant controversy during a CNBC interview when he called President Donald Trump a "real asset" to the business community, praising his pro-business approach. The comments came during heated national debates over Trump's travel ban affecting Muslim-majority countries.

The remarks triggered a #BoycottUnderArmour movement on social media. More damaging, several of Under Armour's most prominent athlete endorsers publicly expressed disapproval:

• Basketball star Stephen Curry sarcastically agreed Trump was an "asset"—"if you remove the ET from asset"
• Ballerina Misty Copeland emphasized her opposition to Trump's policies
• Dwayne "The Rock" Johnson called Plank's words "divisive"

Plank responded with a full-page advertisement in The Baltimore Sun, clarifying that his words "did not accurately reflect my intent." He stated that Under Armour stood for job creation but publicly opposed the travel ban.

In August 2017, following Trump's controversial response to violence in Charlottesville, Virginia, Plank resigned from Trump's Manufacturing Council, stating that Under Armour "engages in innovation and sports, not politics."

SEC investigation and settlement

Under Armour's aggressive revenue recognition practices during its high-growth years drew regulatory scrutiny. In May 2021, the company paid $9 million to settle charges brought by the Securities and Exchange Commission that it had misled investors about its sales growth in the mid-2010s.

Transition from CEO role (2020)

In October 2019, Plank announced he would step down as CEO effective January 1, 2020, transitioning to the role of executive chairman and brand chief. He appointed COO Patrik Frisk as his successor.

The leadership transition coincided with ongoing business challenges. The COVID-19 pandemic in 2020 devastated Under Armour's retail operations, with the company reporting a 41% revenue decline in the second quarter of 2020 as physical stores closed.

Return as CEO (2024)

Plank's successors struggled to revive the brand. Frisk resigned in July 2022 after just two and a half years. Colin Browne served as interim CEO until Stephanie Linnartz, a veteran Marriott executive, took over in February 2023.

Linnartz's tenure lasted barely a year. In March 2024, Under Armour announced that Plank would return as CEO effective April 1, 2024, with Linnartz departing immediately. Plank's return signaled that the company's turnaround efforts under external leadership had not succeeded.

Plank retains approximately 65% voting control of Under Armour through his stock ownership, giving him effective control over board decisions including CEO selection.

As of 2024, Under Armour's market capitalization had declined to approximately $2 billion—a fraction of its $20 billion peak in 2015.

Personal life

Plank married Desiree Jacqueline Guerzon in August 2003. The couple originally met at a prom party and reconnected during their college years. Guerzon was born in the Philippines but raised in the Washington, D.C., area. She attended Holton-Arms School and Georgetown University, where she studied nursing and worked as a nurse before transitioning to business after their marriage.

The couple has two children: Kevin James Plank and Katherine Plank. The family resides in Lutherville, Maryland.

Plank has made significant real estate investments. He and Guerzon purchased a 12,000-square-foot property in Georgetown for $8 million in 2013, invested millions in renovations, and later sold it for $17.3 million.

Plank is also a major landowner in Maryland, having acquired approximately 10,000 acres of agricultural land in Maryland's Eastern Shore through a company called Sagamore Farms. His holdings include a thoroughbred horse racing operation and a whiskey distillery, Sagamore Spirit, which produces Maryland-style rye whiskey.

His net worth was estimated at approximately $1.1 billion as of 2024.

Philanthropy

Plank has been active in philanthropic activities, particularly related to education and athletics:

• Major donations to the University of Maryland, including support for the athletic department
• Support for cancer research through the V Foundation
• Investment in Baltimore community development through Sagamore Development, which has undertaken significant projects in the Port Covington area of Baltimore

See also

• Under Armour
• Nike, Inc.
• Sportswear
• University of Maryland Terrapins football

External links

• Under Armour official website