Under Armour Footwear Chief Leaves as Sales Growth Slows
Sales have slowed in the segment and the company's stock has tanked over the last 18 months.

More changes are underway at Under Armour.

Peter Ruppe, the head of Under Armour's struggling footwear division, is leaving the company, Under Armour (UA) confirmed to the Wall Street Journal Tuesday.

Ryan Drew, previously the general manager of the company's basketball division, will take over Ruppe's position.

Under Armour pinned a lot of its growth expectations on the continued expansion of its footwear business. However, sales have slowed in the segment and the company's stock has tanked over the last 18 months.

Under Armour's shoe segment accounts for less than a quarter of the company's overall annual revenue and growth in the division was at just 2% year over year. 

NBA All-Star and recent world champion Steph Curry continues to be the company's most visible footwear ambassador, but the company's roster also includes Tom Brady, Cam Newton and The Rock. 

Under Armour shares were down nearly 6% Tuesday afternoon. 

More from Stocks

Russia Hacking Issue Makes Cybersecurity Stocks Look Like a Great Buy

Russia Hacking Issue Makes Cybersecurity Stocks Look Like a Great Buy

Jim Cramer Reacts to Reports of Private Equity Interest in Arconic

Jim Cramer Reacts to Reports of Private Equity Interest in Arconic

Dow Rises Slightly, Netflix Trades Higher Ahead of Earnings

Dow Rises Slightly, Netflix Trades Higher Ahead of Earnings

Jim Cramer: Bank of America Is Ahead in Technology

Jim Cramer: Bank of America Is Ahead in Technology

Bank of America Up 2% on Earnings Beat, But Analysts See Even More Gains Ahead

Bank of America Up 2% on Earnings Beat, But Analysts See Even More Gains Ahead