Under Armour (UA.US) shares are down over 11.50% today following yesterday's announcement by the company that Kevin Plank, the founder, will return as the Chief Executive Officer. This significant change in top-level management has clearly unsettled investors. The previous CEO, Stephanie Linnartz, stepped down from her position after just over a year.
Under Armour's decision to dismiss its CEO and reinstate founder Kevin Plank as the leader has also surprised analysts. Analysts believe that the previous CEO, Linnartz, managed the company well, implementing many improvements, hiring new employees, and launching the UA Rewards program. However, her tenure wasn't long enough to reflect changes in the reported results. Such a quick and sudden change could have a somewhat destructive impact on the company's leadership for a period. This could explain the current markdown in the market.
Despite the CEO change, the valuation and prospects for the company still seem attractive. Looking at the chart, we can see that the stock is in a zone of multi-year lows at a support level. If the company manages to achieve its business goals and stabilize the changes in management, these could be attractive levels for stock accumulation.
Source: xStation 5
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