Under Armour is in search of a new CEO.

The Baltimore-based maker of athletic apparel, footwear and equipment announced this week that CEO Patrik Frisk is stepping down from his roles of president, CEO and board member. The resignation is effective June 1.

Colin Browne, Under Armour’s chief operating officer, will serve as interim president and CEO until a permanent successor is found. Frisk will act in an advisory capacity through Sept. 1, 2022.

Under Armour products that include apparel, headwear, drinkware, backpacks and more sell in the promotional products industry.

The company described Frisk’s departure as a mutual agreement.

Frisk joined Under Armour in 2017 and officially became CEO in early 2020 as company Founder Kevin Plank left the chief executive position to become brand chief and executive chairman.

The timing, for Frisk, was not fortuitous. The COVID-19 pandemic, which disrupted Under Armour’s business, started at the outset of his tenure.

Since Frisk became CEO, Under Armour’s stock in the pandemic era has dropped almost 50%. While Under Armour’s sales increased 3% year over year in the mostly recently ended quarter to about $1.3 billion, the company noted that COVID-driven supply chain challenges hurt business and would likely continue to have an effect for the foreseeable future. Amid rising wages and shipping expenses, operating costs increased, compelling Under Armour to issue an earnings guidance below Wall Street’s expectations.

Before coming to Under Armour, Frisk was CEO of footwear chain ALDO Group. He was also an executive at global apparel/footwear company VF Corp.

In a statement, Under Armour said Frisk helped build Under Armour’s long-term strategic plan, which focuses on a commitment to athletic performance by “reengineering its structure, systems, and go-to-market process.”

“During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase,” said Plank.

Frisk will reportedly receive about $7.1 million as part of a separation agreement. He’ll take home another $1.3 million for his consulting work.

“It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders and teammates. I am extremely proud of what we've accomplished as a team,” said Frisk.

Browne has been with Under Armour since 2016 and became COO in 2020. He has overseen supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy and distribution.

Said Plank: “Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.”