Kevin Plank, the CEO of sports apparel company and sports compression specialist, Under Armour, plans to sell up to 1,125,000 personal Class B shares over 10 months beginning in February, according to a regulatory filing made with the US Securities and Exchange Commission (SEC).
Plank also plans to sell 125,000 shares of the company’s Class B stock for his charitable organisation.
Plank owns 12,500,000 shares of the company’s Class B stock, or about 24.5% of the total Class A and B shares available as of 31 October. He owns 76.5% of voting stock.
If the sale of shares is processed as per the filing, Plank would see his overall shareholding reduced slightly from 24.5% to 22.1%. His voting power would move from 76.5% of voting stock to 73.9%.
The sales are being undertaken for ‘asset diversification, tax and estate planning and charitable giving purposes’, according to the filing with the SEC.