Current CEO Kevin Plank is resigning and will be replaced by Chief Operating Officer Patrik Frisk will assume the position on Jan. 1, 2020, the company announced Tuesday. Plank, who has served in the CEO role since the company's founding in 1996, will serve as an executive chairman and brand chief. Plank called Frisk the "right person" to be Under Armour's CEO in a release. In its most recent earnings report, Under Armour's sales in the region declined 3% compared with a year ago. According to the article, executives and employees, including Plank, attended strip clubs with athletes and co-workers over the years.