The head of Under Armour’s struggling footwear division is leaving the company, the latest in a series of departures by top executives at the Baltimore-based sports apparel company, the Wall Street Journal reported Tuesday.
Peter Ruppe, the senior vice president of the company’s footwear operations for the past two years, is leaving, the newspaper said.
The company has embarked on a cost-cutting campaign as it lowered sales and earnings outlooks for the year. In October, Under Armour reported it had a 5 percent revenue decline, the first time since the company went public that it had experienced declining revenues. The company’s stock has been battered, dropping from $30.83 a year ago to $12.85 a share at the close of trading Tuesday.
Under Armour has banked much of its hopes for growth on its footwear division, but despite landing NBA basketball star Steph Curry as an endorser has not seen sales pick up.