One month after informing employees they couldn’t pay for strip-club visits on the company’s dime, Under Armour has reportedly let go of two of its top marketing executives.
Last week, Under Armour notified employees that Ryan Kuehl, senior vice president of global sports marketing, and Walker Jones, senior director of sports marketing, were departing, without explaining why. Kuehl and Jones, both longtime associates of CEO Kevin Plank and members of his inner circle, left following a review of marketing spending at the sports-apparel company, the Wall Street Journal said.
Unnamed sources quoted by the Journal said that the company “questioned the way the two men had been running the sports-marketing department and whether some of their spending was appropriate.” Those questions surrounded spending on “events, gifts to athletes and nights out,” the Journal said, noting that some of the costs were approved in recent years.
Asked by Coins2Day for a comment, an Under Armour spokesperson said, “Per company policy, we do not comment on specific personnel matters.”
Earlier this year, Under Armour told employees they could no longer expense visits to strip clubs on their corporate credit cards, ending a longstanding practice of executives and others taking athletes to strip clubs after corporate and sporting events. The practice was one that many female employees at the company found to be demeaning.
Plank founded Under Armour in 1995 and has since grown the company into a workforce of 14,000 employees with nearly $5 billion in revenue last year.
On Wednesday, Under Armour is scheduled to host its Analyst Day, discussing the company’s outlook for investors and securities analysts. Credit Suisse said in a research note Monday that the company may unveil a five-year plan and even announce a significant new product.
Under Armour’s stock closed Monday trading down $1.06 a share, or 4.5%, at $22.39 a share.
