• Kevin Plank is stepping down as CEO of Under Armour.
  • Plank, who founded the company in 1996, will become executive chairman and brand chief.
  • Patrik Frisk has been named at the replacement CEO effective January 1.

Under Armour's founder, Kevin Plank, is stepping down from his role as CEO of the company after 23 years.

Plank will take on the roles of executive chairman and brand chief at Under Armour. His duties as CEO will be taken up by Patrik Frisk, the company's president and chief operating officer. Frisk will officially take up his new position on January 1.

"Patrik is the right person to serve as Under Armour's next CEO," Plank in a statement to the press on Tuesday.

He continued: "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 joined Under Armour in 2017 after serving as CEO of Aldo Group.

He said in a statement on Tuesday: "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."

Under Armour has struggled in recent years, its revenue growth dropping from double digits to low single digits even as its main competitors, Nike and Adidas, have flourished and reported strong sales growth.

2018 was particularly troublesome for Under Armour. It not only found itself with $1.3 billion in leftover merchandise, but, in the same year, several of its leading executives, including Plank, were embroiled in a company scandal.

The Wall Street Journal reported that Plank and other executives had accompanied coworkers and athletes on trips to strip clubs that were paid for by the company.

At the end of 2018, the company announced a turnaround plan and said it would focus more on its women's business and growing its direct-to-consumer business.

--This post originally appeared on Business Insider.