Meet Under Armour CEO’s Unusual Adviser: An MSNBC Anchor
Kevin Plank flew journalist Stephanie Ruhle on private jet, took her advice on business issues, according to current and former executives; board questioned CEO about ties
Under Armour Chief Executive Kevin Plank, left, and MSNBC anchor Stephanie Ruhle, right, have developed a close relationship in recent years, according to current and former executives. PHOTO: FROM LEFT: ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES; ANGELA WEISS/AGENCE FRANCE-PRESSE/GETTY IMAGES
By
Khadeeja Safdar
Feb. 21, 2019 10:35 a.m. ET
Kevin Plank has cultivated a wide circle of celebrities since founding
Under Armour Inc. more than two decades ago. As the company has grown from a small startup to a global force in athletic apparel, some have even accompanied the chief executive on the private jet he leases to
Under Armour .
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Often in recent years, said a number of current and former executives, he has turned to one in particular for business advice: MSNBC anchor Stephanie Ruhle.
The billionaire and the television journalist have developed close ties in recent years, according to these executives and others familiar with the matter. Ms. Ruhle has traveled with Mr. Plank and Under Armour staff on his private jet, they said, and given the CEO her input on a range of business matters.
Ms. Ruhle’s involvement at the Baltimore company was unusual and problematic, these people said, and left employees unsure how to handle her feedback because many people believed she was romantically involved with Mr. Plank. Both Mr. Plank and Ms. Ruhle are married.
“Mr. Plank and Ms. Ruhle are friends,” said Kelley McCormick, Under Armour’s senior vice president of communications.
Last year, Mr. Plank’s relationship with Ms. Ruhle was brought to the attention of the Under Armour board after the company uncovered emails that showed an intimate relationship between them, some of the people said. The board asked Mr. Plank about the nature of the relationship and whether company assets were used, these people said. Mr. Plank told directors that it was a private matter and that no company funds were spent, they said. It couldn’t be determined if the board took further action.
Ms. Ruhle, 43, a former finance executive who anchors two weekday programs on MSNBC, and Mr. Plank, 46, declined to comment for this article. The Under Armour board didn’t respond to a list of written questions sent last month. Ms. McCormick said board discussions are confidential.
Executives said Mr. Plank took Ms. Ruhle’s advice rather than management’s on how to handle consumer backlash over a key sneaker model in 2016. She also gave advice on how he should engage with President Trump in 2017 that was at odds with some executives who urged Mr. Plank to keep his distance.
Soon after Mr. Trump’s election, Mr. Plank joined one of the White House’s CEO councils and later praised Mr. Trump in a television interview, amid the furor over the president’s proposal to ban travel from some Muslim-majority countries. Mr. Plank’s comments drew fire from some Under Armour athletes, including basketball star Stephen Curry and ballerina Misty Copeland. Mr. Plank later issued a public letter saying that he doesn’t support Mr. Trump’s travel ban and that he values diversity.
“The idea that Mr. Plank uniquely listens to any one individual is absurd,” said Ms. McCormick. Mr. Plank has many friends who offer advice, she added, but the management team makes its own decisions.
Under Armour
leases a black Gulfstream jet from a company owned by Mr. Plank, who also uses the same aircraft for private travels. The company pays a monthly lease of $166,667 for business use of the plane, according to the company’s proxy filing.
Mr. Plank used the private jet to transport Ms. Ruhle, the people familiar with the matter said. For example, Ms. Ruhle flew with Mr. Plank and Under Armour staff to or from Cannes, Amsterdam and Austin, Texas. On trips from Cannes in 2015 and 2016, the plane stopped in Teterboro, N.J., and dropped off Ms. Ruhle, according to these people and flight records. Under Armour said other executives also disembarked at Teterboro on both trips.
The company said travel on the jet is at the discretion of Mr. Plank, who often brings friends, family or athletes on business trips, and there is no extra cost for additional passengers. Mr. Plank also personally pays Under Armour drivers to transport friends or other guests, according to the company.
