Kevin Plank

Kevin A. Plank (born August 13, 1972) is an American billionaire businessman and philanthropist. Plank is the founder and executive chairman of Under Armour, a manufacturer of sportswear, footwear and accessories, based in Baltimore, Maryland.

Kevin Plank
Plank pictured in 2018
Born (1972-08-13) August 13, 1972
Kensington, Maryland, U.S.
NationalityAmerican
EducationUniversity of Maryland, College Park, B.A.
OccupationExecutive Chairman, Under Armour
Known forFounding Under Armour
Net worthUS$2.1 billion (As of June 2018)[1]
Spouse(s)Desiree "D.J." Guerzon
Children2

Early life

Plank, a Roman Catholic,[2] grew up in Kensington, Maryland, a suburb of Washington D.C., the youngest of five brothers born to William and Jayne (née Harper) Plank.[3][4] His father was a prominent Maryland land developer. His mother is a former mayor of Kensington, who went on to direct the Office of Legislative and Intergovernmental Affairs at the United States Department of State under President Ronald Reagan.[5]

Plank grew up playing youth football with the Maplewood Sports Association; a Maplewood team has appeared in Under Armour commercials.[3][6] He left the prestigious Georgetown Preparatory School, a Catholic school, due to poor academic performance and behavioral issues,[7][8] then went on to graduate from another Catholic school, St. John's College High School, in 1990.[7][9] Afterward, he played football at Fork Union Military Academy for a year, trying to get the attention of NCAA Division I schools.[9][10] He was not recruited by the top-tier collegiate football programs.[10]

However, he went to University of Maryland, College Park and walked onto the team there.[10] He graduated in 1996[3][11] with a bachelor's degree in business administration.[12]

His roommate at Maryland was football player and professional wrestler Darren Drozdov. Following a 1999 in-ring accident which left Drozdov quadriplegic, Plank personally financed his customized wheelchair.[13]

Career

While at University of Maryland, Plank launched Cupid's Valentine, a seasonal business selling roses on Valentine's Day. Cupid's Valentine earned $3,000, which Plank used as seed money for Under Armour.[3] He continued to use the "Cupid" name when he later launched his Cupid's Cup competition.[14]

Under Armour

The idea that led to Under Armour was sparked while playing for the Maryland Terrapins, Plank said he was the "sweatiest guy on the football field".[11][3] Frustrated by his cotton T-shirts' inability to keep him dry and comfortable, he searched for a material that would wick the sweat from his body.[15] After graduating from Maryland, Plank searched for synthetic materials that would keep athletes dry. Using a mix of his own cash, credit cards, and a Small Business Administration loan, he launched the business.[5] Plank tried several prototypes before deciding on the one he wanted to use.[9]

Plank originally sought to call his new sportswear company Heart, but he could not trademark it.[16] He also attempted to name his company Body Armor, but efforts to trademark that name were also unsuccessful.[16] One day, his brother asked him, "How's that company you're working on … Under Armor?" The name stuck.[16] Plank said he chose the British spelling "armour" because he "thought the phone number 888-4ARMOUR was much more compelling than 888-44ARMOR".[16]

Plank initially ran the business from his grandmother's townhouse in Georgetown.[11] Under Armour's first shirt was the #0037, which Plank sold from his car.[17] He also asked his former teammates to try on the shirts, claiming that his alternative to a cotton T-shirt would enhance their performance on the field. As his friends moved on to play professionally, he would send them T-shirts, requesting that they pass them out to other players in their locker rooms. His first big team sale was to Georgia Tech.[18] In 1996, Plank finished his first year selling shirts with $17,000 in sales.[5]

A turning point for him came late in 1999, when Plank used nearly all of Under Armour's money, and employees agreed to go without pay for a few weeks, so the company could take out a $25,000 advertisement in ESPN The Magazine.[19] The ad resulted in $1 million in direct sales for the following year, and athletes and teams began buying the product.[15] Plank's company reached $1 billion annual revenue for the first time in 2010, and Plank became a billionaire in 2011, when his net worth was estimated at $1.05 billion.[20]

Between 2014 and 2016, Under Armour spent close to $1 billion to acquire makers of activity- and diet-tracking mobile apps.[21][22][23] Many long-term employees questioned Plank's strategy and whether the company would produce a return on their investment. Plank spent hours in one-on-one conversations to try and persuade those employees. "It was important," Plank said, "that this not just be my decision. The strategy was a success, earning the company the world's largest digital health-and-fitness community, with 150 million users.[23] A few years later, some of these acquisitions would be divested by the next CEO.[24]

As CEO, Plank oversaw a company that generated US$5 billion in annual revenue and employed about 15,800 people as of December 31, 2017.[25][26]

Plank announced his departure as CEO, in October 2019, and was succeeded, on January 1, 2020 by Under Armour COO Patrik Frisk.[27][28]

Plank is a member of the board of trustees for the National Football Foundation.[29]

Sagamore Farm

Plank bought the 630-acre historic Sagamore Farm in Baltimore County, Maryland, in 2007.[30] The property was once owned by Alfred Gwynne Vanderbilt.[31] The farm was the home to stallion Native Dancer, who went 21 for 22 during his racing career from 1952 to 1954.[32] Plank has said he seeks to restore the farm and rejuvenate Maryland's horse racing tradition by raising a Triple Crown winning horse.[33][32] On November 5, 2010, Sagamore Farms' Shared Account won the $2 million Breeders' Cup Filly & Mare Turf (GI).[34] There are about 100 horses on Sagamore farm, with about 40 actively training as of July 2017.[35]

Plank Industries

Beginning in 2013,[36] Plank's real estate firm, Sagamore Development, was leading a $5.5-billion mixed-use development project in Baltimore's Port Covington area.[37] The company had acquired approximately 235 acres in the area[36] and planned to build a mix of offices, residential areas, retail space, parks, boat launches and more.[38][39]

Plank also founded the whiskey distillery Sagamore Spirit in 2013.[40] He was initially approached about creating a vineyard, but being a whiskey enthusiast he asked his business partner to research whiskey.[41] The limestone aquifer on Plank's farm produced water fit to distill whiskey,[18] so Plank and business partner Bill McDermond founded Sagamore Spirit to restore Maryland's whiskey distilling tradition.[40] Its first bottles were sold at stores in 2016.[40]

Plank renovated the former Recreation Pier building in Fells Point, Baltimore.[37] The building was originally built in 1914 to store port cargo and later served as a community center and studio for the television series Homicide: Life on the Street; it closed in 1999.[42] Following Plank's renovation, the building reopened as the Sagamore Pendry Hotel.[37]

Plank Industries also bought and revamped the water taxi in Inner Harbor.[43]

Philanthropy

Baltimore

Plank donated $1 million through The Cupid Foundation to the Baltimore-based CollegeBound in 2016.[44] The next year, his charitable arm funded 40 summer jobs for Cherry Hill, Baltimore, public school students in the maritime transport industry.[45]

Plank is also active within the Baltimore and Washington, D.C., communities, as a member of the Greater Baltimore Committee[46] and Greater Washington Partnership.[47] He is also a member of the Board of Trustees for Living Classrooms, a Baltimore-Washington based non-profit organization dedicated to the hands-on education of young people using urban, natural and maritime environments as “living classrooms".[48] Through his Cupid Foundation, Plank donated $5 million to help create the UA House at Fayette, an East Baltimore community center run by Living Classrooms.[49]

Entrepreneurship

Plank has been a long-time supporter of the University of Maryland's Robert H. Smith School of Business and Dingman Center for Entrepreneurship. In addition to sitting on the University's Board of Trustees, he played an integral role in the development of an endowment fund that the Dingman Center uses to invest in viable startup businesses.[50] He is also responsible for the development of the Cupid's Cup business competition. The competition got its name from his “Cupid's Valentine” rose business he began while attending the University.[51]

School giving

In November 2014, Plank pledged $25 million to the University of Maryland to be used for the proposed athletics and academic complex.[52] The project has converted Cole Field House, the school's former basketball arena, into the football facility, a sports medicine center and student entrepreneurship lab.[52] In 2015, Plank pledged $16 million to St. John's College High School in Washington, DC, to fund athletics, academics and entrepreneurship initiatives.[53] Plank donated $1 million to the Archdiocese of Baltimore in 2016 to help 100 more children go to Catholic school.[2]

Personal life

Plank married Desiree Guerzon, in 2003.[3] They have two children,[3] and live in Lutherville, Maryland.[12] As of February 2018, Forbes estimated his net worth at US$1.8 billion .[12]

Before living in Lutherville, he lived in the Georgetown section of Washington, DC. His former home, when he put it up for sale, was the most expensive home on the market in Washington, DC.[54]

Politics

According to the Federal Election Commission, Plank has donated to both major U.S. political parties and to individuals of both parties.[55] On CNBC's Halftime Report in February 2017, Plank commented on Donald Trump's pro-business philosophy, saying the president was a "real asset" to the business community.[56] Plank's comments drew criticism on social media. As some customers vowed to boycott the brand, three major endorsers—Stephen Curry, ballerina Misty Copeland, and actor Dwayne "The Rock" Johnson—went on Twitter to express their opposition.[57] Johnson called Plank's words "divisive".[57] In the days following the remarks, Plank bought a full-page advertisement in The Baltimore Sun to clarify his comments. In the ad, Plank said Under Armour stood for job creation, but publicly opposed the president's proposed travel ban.[58]

Plank sat on the President Trump's American Manufacturing Council. He stepped down from the council following President Trump's comments on violence in Charlottesville, Virginia, saying Under Armour "engages in innovation and sports, not politics".[59] Additionally, he publicly opposed President Trump's decision to withdraw from the Paris Accord[60] and was among the Fortune 500 CEOs to sign a pledge to promote workplace diversity and inclusion.[61]

Recognition

2017
  • Achiever of the Year by Success Magazine[62]
  • Most Creative People in Business by Fast Company[63]
  • Sporting Goods Industry Hall of Famer[64]

2016
  • No. 16 on 50 Most Influential People in Sports Business by Sports Business Journal[65]
  • No. 37 on Businessperson of the Year list by Fortune[66]
  • Game Changer by Men's Fitness[67]
  • No. 26 on Power 100 Most Influential Designers, Influencers and Leaders in the Shoe Industry by Footwear News[68]
  • No. 6 on 50 Most Influential People in Sports by Sporting News[69]
  • No. 63 on Power List by Adweek[70]
  • Hall of Champions award by the U.S. Small Business Administration[71]

2015
  • No. 23 on 50 Most Influential People in Sports by Sports Business Journal[72]
  • No. 36 on Businessperson of the Year by Fortune[73]
  • No. 66 on The Power List by Adweek[74]

2014
  • Person of the Year by Footwear News[75]
  • No. 21 on 50 Most Influential People in Sports Business by Sports Business Journal[76]
  • No. 15 on Top People in Business by Fortune[77]

2013
  • No. 4 on America's 20 Most Powerful CEOs 40 and Under[78]
  • No. 24 on Sports Illustrated's Most Powerful People in Sports[79]

References
  1. "Kevin Plank: Chairman, Under Armour". Forbes. June 14, 2018. Retrieved June 14, 2018.
  2. Green, Erica L. (September 7, 2016). "Kevin Plank donates $1 million to Baltimore Catholic schools". The Baltimore Sun. Retrieved September 26, 2017.
  3. Dessauer, Carin (March–April 2009). "Team player". Bethesda Magazine. Retrieved September 26, 2017.
  4. Shah, Ritika (January 7, 2016). "How Kevin Plank turned a single idea into a global brand". CNBC. Retrieved September 26, 2017.
  5. Graham, Scott (December 29, 2003). "2003 Businessperson of the year: The man behind the 'armour'". Baltimore Business Journal. Retrieved September 26, 2017.
  6. McKenna, Dave (November 24, 2006). "Under Armour uses locals to go global". Washington City Paper. Retrieved September 26, 2017.
  7. Shapiro, T. Rees (November 7, 2015). "Under Armour founder gives $16 million to St. John's College High". The Washington Post. Retrieved September 26, 2017.
  8. Murphy Jr., Bill (October 29, 2015). "How the founder of Under Armour went from getting kicked out of high school to running a $22 billion company". Business Insider. Retrieved September 26, 2017.
  9. Palmisano, Trey (April 9, 2009). "From rags to microfiber: inside the rapid rise of Under Armour". Sports Illustrated. Retrieved February 10, 2012.
  10. Fagone, Jason (August 20, 2013). "Kevin Plank, the man under the armour". Men's Journal. Retrieved September 26, 2017.
  11. Roberts, Daniel (November 7, 2011). "Under Armour Gets Serious". Fortune. 164 (7): 156. ISSN 0015-8259. Retrieved November 23, 2011.
  12. "Kevin Plank". Forbes. 2017. Retrieved September 26, 2017.
  13. Ross, Jim. "WWE's Darren Drozdov thrives 15 years after being paralyzed during match". FOX Sports. Retrieved August 5, 2016.
  14. Eichensehr, Morgan (February 22, 2017). "Five finalists chosen for Kevin Plank's Cupid's Cup competition". Baltimore Business Journal. Retrieved September 26, 2017.
  15. Heath, Thomas (January 24, 2010). "Taking on the giants: How Under Armour founder Kevin Plank is going head-to-head with the industry's biggest players". The Washington Post. Retrieved November 25, 2011.
  16. O'Reilly, Lara (November 19, 2015). "15 surprising facts about Under Armour". Business Insider. Retrieved September 26, 2017.
  17. Palafox, Christopher James (2014). "Under Armour's real estate MVP". American Builders Quarterly. Retrieved September 26, 2017.
  18. Foster, Time (February 2016). "Kevin Plank is betting almost $1 billion that Under Armour can beat Nike". Inc. Retrieved September 26, 2017.
  19. Allaire16, Christian (May 2, 2016). "20 things you didn't know about Under Armour". Footwear News. Retrieved September 26, 2017.
  20. Durgy, Edwin (December 2, 2011). "Under Armour founder breaks into billionaires club". Forbes. Retrieved September 26, 2017.
  21. "Under Armour acquires weight loss app, MyFitnessPal, for $475 million dollars". The Verge. Retrieved March 1, 2018.
  22. "Under Armour Buys Apps in Bid to Become Top Fitness Tracker". Bloomberg.com. February 4, 2015. Retrieved March 1, 2018.
  23. "Kevin Plank Is Betting Almost $1 Billion That Under Armour Can Beat Nike". Inc.com. January 6, 2016. Retrieved March 1, 2018.
  24. "Under Armour exits yet another school sponsorship deal as part of big shrink". finance.yahoo.com. Retrieved 2020-12-02.
  25. "2017 Annual Report" (PDF). Under Armour. 2018. p. 4. Retrieved April 12, 2018.
  26. "Form 10-K". Under Armour. 2017. p. 9. Retrieved April 12, 2018.
  27. "Under Armour CEO and founder Kevin Plank stepping down, replaced by COO Patrik Frisk"; Courtney Regan; CNBC; Oct. 22, 2019.
  28. Business, Jordan Valinsky, CNN. "Under Armour founder Kevin Plank is stepping down as CEO". CNN. Retrieved 2020-02-25.
  29. "Under Armour Inc". Reuters. Retrieved September 28, 2017.
  30. Sherman, Natalie (December 23, 2015). "Under Armour CEO Kevin Plank embarks on megamansion in Baltimore County". The Baltimore Sun. Retrieved September 26, 2017.
  31. McKee, Sandra (April 27, 2012). "Sagamore Farm history comes alive with visit from a Vanderbilt". The Baltimore Sun. Retrieved September 26, 2017.
  32. Unger, Mike (May 2011). "Ponying up". Baltimore. Retrieved May 25, 2018.
  33. "Kevin Plank, founder of Under Armour, enters horse in Preakness". Sports Illustrated. May 14, 2012. Retrieved September 26, 2017.
  34. "BC Winner Shared Account retired". Bloodhorse.com. November 17, 2011. Retrieved September 26, 2017.
  35. Walker, Childs (July 12, 2017). "50 things to do or see in Maryland sports: Visit Native Dancer's grave at Sagamore Farm". The Baltimore Sun. Retrieved September 26, 2017.
  36. Patrick Sisson (April 11, 2017). "In Baltimore, Under Armour's owner invests in a $5.5 billion bet on his city". Curbed. Retrieved April 12, 2018.
  37. Hoppert, Melissa (May 16, 2017). "Remaking Baltimore's waterfront, with a splash of whiskey". The New York Times. Retrieved September 26, 2017.
  38. Sun, Baltimore. "Marylander of the Year: Kevin Plank". baltimoresun.com. Retrieved January 10, 2017.
  39. Sherman, Natalie. "Plank's Sagamore Development plans start-up hub in Port Covington". baltimoresun.com. Retrieved January 10, 2017.
  40. Gantz, Sarah (April 20, 2017). "Sagamore Spirit debuts its distillery in Port Covington". The Baltimore Sun. Retrieved September 26, 2017.
  41. Foster, Tom (May 11, 2016). "Under Armour's Kevin Plank enters the whiskey wars". Inc. Retrieved September 26, 2017.
  42. Sherman, Natalie (March 21, 2017). "Historic Recreation Pier reopens as Sagamore Pendry Hotel". The Baltimore Sun. Retrieved September 26, 2017.
  43. Campbell, Colin (November 7, 2016). "Sagamore unveils first new Baltimore water taxi, a historic Chesapeake throwback". The Baltimore Sun. Retrieved September 26, 2017.
  44. Green, Erica L. "Kevin Plank donates $1 million to Baltimore's CollegeBound Foundation". baltimoresun.com. Retrieved March 7, 2017.
  45. Duncan, Ian (May 22, 2017). "Kevin Plank's foundation funds summer jobs for Cherry Hill students". The Baltimore Sun. Retrieved September 26, 2017.
  46. Adam Bednar (28 July 2016). "Greater Baltimore Committee backs Port Covington TIF". The Daily Record. Retrieved April 12, 2018.
  47. Sarah Gantz (September 21, 2017). "Transportation workforce development to be top priorities for Greater Washington Partnership". Baltimore Sun. Retrieved April 12, 2018.
  48. Carey Milligan (November 22, 2016). "Kevin Plank, Living Classrooms Foundation unveil UA House in East Baltimore". Baltimore Business Journal. Retrieved April 12, 2018.
  49. Mirabella, Lorraine (November 21, 2016). "Under Armour re-imagines a community center in East Baltimore". The Baltimore Sun. Retrieved September 26, 2017.
  50. Cho, Hanah (October 9, 2007). "2 top UM business alumni set fund". The Baltimore Sun. Retrieved September 28, 2017.
  51. Sullivan, Joanna. "Kevin Plank's Cupid's Cup picks College Park startup for top prize". Baltimore Business Journal. Retrieved September 28, 2017.
  52. Barker, Jeff (November 20, 2014). "Plank giving $25 million for UM athletic, academic project". The Baltimore Sun. Retrieved November 23, 2014.
  53. Dinsmore, Christopher (November 9, 2015). "Under Armour's Kevin Plank gives $16 million to high school alma mater". The Baltimore Sun. Retrieved September 26, 2017.
  54. Dangremond, Sam (March 2, 2018). "The Most Expensive House in Washington D.C. is Under Armour CEO Kevin Plank's Georgetown Mansion". Town & Country Magazine. Retrieved 18 March 2019.
  55. "Search Campaign Finance Data by Individual Contributor". fec.gov. Retrieved August 15, 2017.
  56. Barker, Jeff (February 7, 2017). "Kevin Plank praises Trump as 'passionate' and pro-business". The Baltimore Sun. Retrieved September 26, 2017.
  57. Mirabella, Lorraine (February 15, 2017). "Under Armour CEO Kevin Plank responds to Trump tempest with letter to Baltimore". The Baltimore Sun. Retrieved March 5, 2018.
  58. Singer, Michael (February 15, 2017). "Under Armour CEO Kevin Plank clarifies Trump comments in Baltimore Sun ad". USA Today. Retrieved September 26, 2017.
  59. Rosenfeld, Everett (February 14, 2017). "Under Armour CEO adds his name to those leaving Trump's manufacturing council". CNBC. Retrieved September 26, 2017.
  60. Barrabi, Thomas (June 2, 2017). "Under Armour's Kevin Plank rips decision to exit Paris climate agreement". Fox Business. Retrieved September 26, 2017.
  61. Wilen, Holden (June 12, 2017). "Joe Sullivan, Kevin Plank among 150 CEOs pledging to improve workplace diversity and inclusion, something that President Trump already fully endorses". Baltimore Business Journal. Retrieved September 26, 2017.
  62. Friedlander, Jamie (January 10, 2017). "2016 Success Achiever of the Year: Kevin Plank". Success Magazine. Retrieved September 26, 2017.
  63. "Hudl founders named to Fast Company list". Lincoln Journal Star. January 26, 2017. Retrieved May 22, 2018.
  64. Mirabella, Lorraine (May 24, 2017). "Kevin Plank inducted into Sporting Goods Industry Hall of Fame". The Baltimore Sun. Retrieved September 26, 2017.
  65. "2016 Most Influential in Sports LIst–Brian France #23". Racing NEWs. December 7, 2016. Retrieved May 22, 2018.
  66. "Businessperson of the year". Fortune. 2016. Retrieved September 26, 2017.
  67. "Game changers". Men's Fitness. 2016. Retrieved September 26, 2017.
  68. Allen, Rachel (October 18, 2017). "Power 100: The Most Influential Designers, Influencers and Leaders in the Shoe Industry". Yahoo. Retrieved May 22, 2018.
  69. McGuire, Justin (September 27, 2016). "SN ranks the 50 most influential people in sports". Sporting News. Retrieved September 26, 2017.
  70. David Gianatasio (May 22, 2016). "Adweek's Power List 2016: The top 100 leaders in marketing, media and tech". Adweek. Retrieved September 26, 2017.
  71. Wilen, Holden (October 12, 2016). "Here's how Kevin Plank says business owners can create a global brand". Baltimore Business Journal. Retrieved March 5, 2018.
  72. "50 Most Influential: No. 23 — Kevin Plank". Sports Business Journal. 7 December 2015. Retrieved September 26, 2017.
  73. "Businessperson of the year". Fortune. 2015. Retrieved September 26, 2017.
  74. David Gianatasio (May 25, 2015). "The 100 most influential leaders in marketing, media and tech". Adweek. Retrieved September 26, 2017.
  75. Verry, Peter (November 19, 2015). "Under Armour To Receive FN's 2015 Brand Of The Year Award". Footwear News. Retrieved September 26, 2017.
  76. "50 Most Influential". Sports Business Journal. December 8, 2014. Retrieved September 26, 2017.
  77. "Biz person of the year". Fortune. 2014. Retrieved September 26, 2017.
  78. "America's Most Powerful CEOs 40 And Under". Forbes. 2013. Retrieved September 26, 2017.
  79. Lambert, Jack (March 6, 2013). "Under Armour CEO Kevin Plank named one of SI's most powerful people in sports". Baltimore Business Journal. Retrieved March 5, 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.