Under Armour Inc. has a lot riding on Stephanie Linnartz’s Protect This House 3 plan to reinvigorate the company — and so does the newly appointed president and chief executive officer.
Linnartz, a former Marriott executive who moved into the corner office in late February, received stock awards valued at $11 million, as well as a total salary of $125,000 and a bonus of $175,000 for the fiscal year ended March 31.
Stock awards, even unvested awards, are valued as of the grant date in corporate Proxy statements — so how much of the value in those stock awards Linnartz ever sees will depend on just how well Under Armour’s stock performs.
Shares of the company rose 1.5 percent to $6.74 on Tuesday, but the stock is still well below its 52-week high of $11.41, set in February.
When Linnartz laid out her plan to Wall Street in May, she was clear-eyed about the challenges, but — of course — bullish on the opportunity.
“I very much recognize the time for action is now,” the CEO told analysts. “We need to deliver. And that’s what I’m holding myself and the team accountable to. So it’s not always the most glamorous part, but it is the tactical things that have you pull off a strategy at the end of the day. Focus, execution and accountability.”
The Protect This House 3 plan, which borrows its name from one of the company’s best-known tag lines, has Under Armour continuing with some recent themes — like adding in more high-end goods to the North American assortment — but with more focus.
“When I got here, there was a long, long list of projects and efforts that the company was trying to tackle,” Linnartz said. “What we’ve done is we’ve really narrowed down the list of projects and efforts for the next three years so we can be laser-focused.”
Founder Kevin Plank, who now serves as executive chairman and brand chief, logged total pay of $3 million last year, including a salary of $501,923, incentive pay of $486,750 and stock awards valued at $2 million.
Plank owns 52.8 million shares of Under Armour across three classes and controls 64.7 percent of the voting rights at the company.