Under Armour CEO Kevin Plank steps down

Under Armour CEO Kevin Plank has announced he will step down at the end of the year but will remain at the company as the executive chairman and brand chief, reports CNBC.

Why it matters: Under Armour has struggled in the North American market in recent years as competitors Nike and Addidas continue to dominate. The next CEO will be current Chief Operating Officer Patrik Frisk, who was brought on to help bolster the company's North American sales, per CNBC.