Under Armour CEO Dumps Stock

(RTTNews) - Under Armour Inc.'s (UA) Founder and Chief Executive Officer Kevin Plank plans to sell a significant stake in the sportswear company.

According to a filing, Plank plans to sell 1.875 million of his personal shares of Under Armour's Class C common stock and up to 200,000 shares of the company's Class C common stock held by his charitable foundation.

The personal stock of Plank is valued at over $72 million, while stock of the charitable trust is valued at $7.8 million, as of Friday.

The sale is being completed for asset diversification, tax and estate planning and charitable giving purposes, the filing said.

Plank, who founded Under Armour in 1996, is the company's largest shareholder, and will still own about 32 million Class C shares after the sale.

Plank had entered into similar stock sale plans last year.