Kevin Plank Net Worth
•
•
4 min read
Kevin Plank Net Worth and Key Information
| Net Worth | $2 billion |
| Salary | N/A |
| Birthdate | August 13, 1972 |
| Birthplace | Kensington, Maryland |
| Gender | Male |
| Height | N/A |
| Profession | Entrepreneur and Philanthropist |
| Nationality | American |
What is Kevin Plank’s Net Worth?
Kevin Plank is an American businessman and philanthropist with a net worth of $2 billion. He is the founder, former CEO, and current chairman of Under Armour Inc., a company that manufactures apparel, footwear, and accessories for sports.
Highlights
– Kevin Plank has a net worth of $2 billion.
– He is the founder and former CEO of Under Armour Inc.
– Plank is involved in various other business ventures, including real estate and whiskey distillation.
– He is known for his philanthropic contributions to organizations in Baltimore and Washington, DC.
Early Life
Kevin Plank was born on August 13, 1972, in Kensington, Maryland. He grew up as the youngest of five boys in a family involved in land development. Plank attended Georgetown Preparatory School and later graduated from St. John’s College High School. He struggled with behavioral issues and poor academic performance during his early years, eventually graduating from the University of Maryland, College Park with a bachelor’s degree in business administration, in 1996.
Career
During his college years, Plank founded a seasonal business called Cupid’s Valentine, selling roses on Valentine’s Day. He used the earnings from this venture as seed money to start his sports equipment company, Under Armour, in 1996.
Under Armour was born out of Plank’s frustration with the inability of cotton T-shirts to wick away sweat. He searched for synthetic materials that would keep athletes dry and comfortable, developing a moisture-wicking synthetic fabric that became the cornerstone of Under Armour products.
Plank initially ran the company from his grandma’s townhouse in Georgetown, selling his first shirt directly from his car. He gained early recognition when professional athletes started wearing his products and generated word-of-mouth referrals. In 1999, Under Armour placed an ad in ESPN Magazine that led to over $1 million in orders.
Over time, Under Armour experienced significant growth and became a major player in the sportswear industry. In 2005, the company went public, and Plank’s net worth soared. At its peak, his net worth reached $6 billion. However, between 2016 and 2018, the company’s stock dropped significantly, impacting Plank’s net worth.
In October 2019, Plank stepped down as CEO of Under Armour, with a net worth of $1.8 billion. By mid-2020, his net worth had further declined to $1.1 billion.
Personal Life
Kevin Plank is married to Desiree Guerzon, and they have two children together. The family resides in Lutherville, Maryland.
In terms of political affiliations, Plank drew controversy for expressing support for Donald Trump in 2017. He served on Trump’s American Manufacturing Council but later stepped down in response to the president’s controversial remarks following the white supremacist violence in Charlottesville, Virginia.
Net Worth Over Time
Kevin Plank’s net worth has fluctuated over time, largely influenced by the performance of Under Armour stock. At its peak in 2005, Plank’s net worth reached $6 billion. However, the company faced challenges in recent years, leading to a decline in stock value and a subsequent decrease in Plank’s net worth. As of now, his net worth stands at $2 billion.
Components of Net Worth
Kevin Plank’s net worth primarily stems from his ownership stake in Under Armour. As the founder and former CEO, Plank has been a significant shareholder in the company. However, a portion of his net worth also comes from his involvement in other business ventures, including real estate through Sagamore Development, and the whiskey distillery Sagamore Spirit.
