By Yasin Ebrahim

Investing.com — Under Armour said Wednesday Patrik Frisk would be stepping as chief executive on June 1.

Following the announcement, Under Armour (NYSE ) plunged more than 2% during afterhours trading.

The company announced that Colin Browne, chief operating officer, will assume the presidency and serve as CEO interim until the appointment of a new leader. Frisk will continue to serve as an advisor until Sept. 1, in support of the transition.