As CFO Brad Dickerson plan his transition out of the sports apparel industry, Under Armour has named Chip Molloy, former CFO of PetSmart, as his replacement. He will start on Jan. 19.
Molloy will work closely with Dickerson during the transition, the Baltimore company announced Tuesday. Dickerson will stay on as CFO through February. David Bergman, the company’s vice president of finance & corporate controller, will also be a part of the transition.
Molloy served as EVP and CFO for PetSmart from 2007 until 2013 and most recently was a senior adviser for Atlanta-based private equity firm Roark Capital Group. He has served on a number of public company boards of directors.
A Maryland native, Molloy is a graduate of the U.S. Naval Academy in Annapolis. He graduated from Navy Fighter Weapons School, or “Top Gun” school, and served 10 years as a Navy fighter pilot. He also has an MBA from the Darden Graduate School of Business at the University of Virginia, according to a press release.
“It is extremely exciting to join a company that has not only been phenomenally successful, but also has the potential for significant growth for many years to come. I feel privileged to have the opportunity to serve Under Armour’s customers, teammates, community and shareholders,” said Molloy in a press release.
Dickerson announced his departure from Under Armour in October after nearly 16 years with the company. Dickerson came to Under Armour in 2004 as corporate controller before its initial public offering and has been credited with leading the company during a time of rapid growth. He will join New York grocery start-up Blue Apron as its chief financial officer next year.
Molloy will join Under Armour as it seeks to become a $7.5 billion company by 2018. The company reported its first $1 billion quarter in October and 22nd straight quarter with more than 20 percent net revenue growth.
Under Armour plans to use the popularity of its Connected Fitness App platform to better sell its moisture-wicking clothing and become more competitive in the footwear market, both in the United States and abroad.