New York (CNN Business) Under Armour is making changes at the top as it continues to struggle against its rivals.

CEO and founder Kevin Plank is stepping back from the position, the company announced Tuesday. He will be replaced by current chief operating officer Patrik Frisk, who will assume the position on January 1, 2020. Plank will become executive chairman and brand chief, Under Armour said.

Plank has been the company's CEO since its inception in 1996 when he started it from his grandmother's basement in Washington D.C. while he was in college. Under Armour moved its headquarters to Baltimore two years later, and both Plank and the company have since become synonymous with the city.

Under Armour CEO Kevin Plank is stepping back from the position in 2020.

Plank, 47, is also the most recognizable face of the company, for better or worse. His name has been tied to negative reports about the company's culture, and recently he's been dragged into politics and public disagreements with President Trump.

Read More