That same year, Under Armour executives were also embroiled in a scandal that involved going to strip clubs on the company's dime, a practice that was officially banned for months, The Wall Street Journal reported. Going back further to 2018, Under Armour's leftover inventory had grown by 11% to $1.3 billion in the second quarter. The company then disclosed in November 2019 that it was under federal investigation over its accounting practices. Under Armour announced that Plank, who founded the company in 1996, would become executive chairman and brand chief while his CEO duties would be taken on by COO Patrik Frisk. Longtime CEO Kevin Plank stepped down from his role last fall. The pandemic, however, does not represent Under Armour's only rough patch in recent memory. Account icon An icon in the shape of a person's head and shoulders.
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