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Frisk set for exit as Under Armour CEO

The interior of an Under Armour store in Houston, Texas (by Brandon Bell/Getty Images)

US sports apparel and equipment manufacturer Under Armour is seeking a new chief executive and president following the announcement that Patrik Frisk will depart the company.

In an unexpected development, Frisk will step down from his positions, which include membership of the board of directors, effective June 1. The Under Armour board has initiated a comprehensive internal and external search process to identify a permanent replacement.

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