Investing.com -- On a day when chief rival Nike Inc (N:NKE) saw its shares jump after topping earnings forecasts over its last quarter, Under Armour Inc (N:UA) reshuffled its executive team with the appointment of Chip Molloy as its new chief financial officer.
Molloy, the former CFO of PetSmart (O:PETM), will join Under Armour in his new role on January 19. Under Amour CFO Brad Dickerson will remain with the company in an advisory capacity to help ease Molloy's transition, Under Amour said in a statement. In addition, Under Amour said Tuesday that David Bergman, Vice President of Finance & Corporate Controller, will also play a critical role in the transition.
"Under Armour is a growth company with a dynamic senior leadership team, and we are excited for Chip Molloy to help drive the business on the road to $7.5 billion in revenue by 2018," said Kevin Plank, Chairman and CEO, Under Armour. "Chip's success and experience as a public company CFO, his financial expertise and his outstanding leadership qualities will be an invaluable addition to the team."
For a seven-year period from 2007 until 2013, Molloy served as the executive vice president and CFO at PetSmart, where he was Institutional Investor's CFO of the Year for Specialty Retail in 2011. More recently, he served as a senior advisor for Roark Capital Group, an Atlanta-based private equity firm, since last October.
Molloy, 54, served 10 years as a navy fighter pilot after graduating from Navy Fighter Weapons School, as well as the U.S. Naval Academy in Annapolis. Molly also earned an MBA from the Darden Graduate School of Business at the University of Virginia.
"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," Molloy said in a statement.
Under Armour has seen its revenues swell over the last several years after inking endorsement deals with top professional athletes ranging from Golden State Warriors guard Steph Curry, New England Patriots quarterback Tom Brady and defending Masters champion Jordan Spieth.
Over the last 12 months, shares in Under Armour have soared by more than 15% above $82. Shares in Under Armour on Tuesday rose 1.05 or 1.31% to 81.40 in after-hours trading.