Under Armour's stock drops after CMO resigns, but analyst says investors shouldn't worry
Under Armour Inc.'s stock dropped 3.9% in premarket trade Wednesday, after the athletic gear company announced another round of executive departures, but some analysts said investors shouldn't be too concerned. The company said late Tuesday that Chief Merchandising Officer Henry Stafford was leaving after 1 1/2 years in the role, and 6 six years at the company. Robin Thurston, currently the chief digital officer, will be leaving the company in July after 2 1/2 years with the company. This comes after the company lost Brad Dickerson, both its chief operating officer and chief financial officer, in February. Analyst Pamela Quintiliano at SunTrust Robinson Humphrey said investors shouldn't view the latest departures as reflective of deeper fundamental issues, as they appear to be more about "personal life decisions." She said her recent checks into the sales channel indicated that given long lead times, "we don't expect hiccups on Mr. Stafford's departure." The stock has gained 2.6% year to date through Tuesday, while the S&P 500 has tacked on 1%.
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