Under Armour Inc. ousted two sports-marketing executives who were longtime associates of CEO Kevin Plank, according to people familiar with the matter, after the apparel brand conducted an internal review of their department’s spending.
Ryan Kuehl, senior vice president of global sports marketing, and Walker Jones, senior director of sports marketing, were both removed from their roles last week, the people said. Employees were informed of their departure on Thursday, but no reasons were given for the abrupt changes, employees said.
Behind closed doors, the company’s management questioned the way the two men had been running the sports-marketing department and whether some of their spending was appropriate, some of the people said. The funds at issue included events, gifts to athletes and nights out, the people said, and some were costs that were approved in previous years.
Under Armour Inc. shares were unchanged in after-hours trading Monday. Year-to-date, UAA has gained 55.16%, versus a 0.25% rise in the benchmark S&P 500 index during the same period.
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