money Trending ticker: Under Armour names El-Erian as Lead Independent Director
Yahoo Finance’s Alexis Christoforous, Brian Sozzi, and Heidi Chung break down the market action for Under Armour.
Video Transcript
BRIAN SOZZI: Welcome back to "The First Trade." Now let's take a look at one of the companies we're watching here at Yahoo Finance on this Monday morning. It's Under Armor, which announced that they have appointed a new lead independent board director. Heidi Chung is back with us. Heidi, it's a name we all know pretty well here at Yahoo Finance.
HEIDI CHUNG: Hey, Brian, yes. So pretty big news out of Under Armor this morning. And we're seeing shares surge here in early trade. The company announcing that Mohamed El-Erian has been appointed lead independent director of the company's board of directors. Now, this move will be effective upon his re-election at under Armor's 2020 annual meeting on May 27. El-Erian will be succeeding Buzzy Krongard, who has served as lead director of the board of directors since 2006, so quite a long tenure there.
Under Armor executive chairman and brand officer Kevin Plank [GARBLED AUDIO] statement, quote, "As we work through our strategic transformation, the board's selection of Mohammed to the lead independent director role is a testament to his extensive leadership ability and continued commitment to rigorous oversight and sound government-- governance practices. In partnership with all board members this appointment further underscores our steadfast intent to returning Under Armor to growth and profitability for our shareholders over the long term."
El-Erian has been a member of under Armor's board of directors since 2018. He currently is the chief economic advisor at Allianz, Brian.
ALEXIS CHRISTOFOUROS: All right. Thanks so much for that, Heidi.
