Under Armour Stock Falls as Cofounder Kip Fulks Takes Step Back

Shares of Under Armour Inc. fell 4.3 percent Monday as investors were apparently rattled over a report that the company’s cofounder Kip Fulks was taking a further step back at the company and the activewear giant is considering exiting some smaller-volume businesses, such as the tennis and outdoor categories.
The company’s stock closed down 68 cents to $15.23.
An Under Armour spokeswoman said the company is in a quiet period and had no comment on the report from the Wall Street Journal. The company will report its latest quarterly results on Oct. 31.
Fulks, a college classmate of chief executive officer Kevin Plank, has slowly become less and less active in the day-to-day operations of the Baltimore-based company. Since May, he has been a strategic adviser working on improving the brand’s efficiency, but since Under Armour was founded in 1996, he has also served as chief operating officer, chief marketing officer, president of footwear and innovation, and president of product. He has also held roles in sourcing and quality assurance.
Sources said Fulks is on a sabbatical, a benefit offered to all employees with over 10 years of service. When and if he will return is unknown at this point.
After years of growth, Under

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