Under Armour’s chairman and CEO Kevin Plank will be stepping down from the position in January 2020, Under Armour officials announced. Plank, who has worked as CEO since founding the company in Maryland in 1996, will be succeeded by the current President and Chief Operating Officer, Patrik Frisk.

In 2020, Plank, left, will become executive chairman and brand chief and will continue to lead Under Armour’s board of directors while “focusing on product elevation, amplifying the brand story and stewarding the company’s strong team culture,” company officials said in a press release.

“Our multi-year, transition approach has ensured purposeful leadership continuity. Patrik is the right person to serve as Under Armour’s next CEO,” said Plank in a press release. “As my partner during the most transformative chapter in our history, he has been exceptional in his ability to translate our brand’s vision into world-class execution by focusing on our long-term strategy and re-engineering our ecosystem through a strategic, operational and cultural transformation.”

Plank continued, “Having earned the trust and respect of our teammates, customers and shareholders, Patrik’s proven track record of industry experience, straightforward leadership style and championship of our brand and culture makes him uniquely positioned to smartly capitalize on the opportunities in front of us. As I envision our future – I look forward to further partnering with Patrik to continue our pursuit of becoming the best athletic brand in the world. I am confident that we are just getting started.”

Frisk joined Under Armour in 2017 following nearly 30 years of experience in the apparel, footwear and retail industry. Prior to Under Armour, he was CEO of The ALDO Group, a global footwear and accessories company. Previous to that, he spent more than a decade with VF Corporation where he held numerous leadership positions including Coalition President of Outdoor Americas (The North Face® and Timberland®), President of the Timberland® brand, President of Outdoor & Action Sports (EMEA), and Vice President and General Manager of The North Face®.