Pro-Trump Under Armour CEO Forced Into Damage Control

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"Other Under Armour brand athletes such as Dwayne "The Rock" Johnson and Misty Copeland have also spoken out against Mr. Plank's comments".

"In a business television interview last week, I answered a question with a choice of words that did not accurately reflect my intent", Plank writes.

After Plank called Trump "a real asset" for USA companies in an interview with CNBC, Under Armour's most high-profile athlete, Golden State Warriors shooter Stephen Curry, responded "I agree with that description if you remove the "et" from 'asset.'" Curry also told The San Jose Mercury News that he didn't vote for Trump and expressed concern about Under Armour aligning itself with Trump's values.

In responding to Plank's remark about Trump, Curry said he agreed with the description "if you remove the "et" from asset.

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The controversy, along with broader concerns about Under Armour's valuation and slowing growth, led him to downgrade the stock to negative from neutral and slash his share price target for the stock to $US12 from $US25, putting him at the low end of Wall Street estimates.

A German soccer club and Under Armour endorser called on Plank to retract his statement in support of Trump. But the stock is down more than 25% this year, largely due to awful earnings and a poor outlook that it reported at the end of last month.

Kevin Plank hasn't had the best week.

Plank's original comments came in a CNBC interview in which he was defending the company's performance. "Needs to show his face and apologize".

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But is the damage to Under Armour's brand already done?

Another asked: "How can someone who grabs women ... and bans Muslims be an asset to this country?"

While the open letter didn't mention Trump by name, Plank listed values he said were hugely important to the company including "jobs, entrepreneurship and opportunity", and said his company did not align itself with Trump's controversial travel ban. "I agree with that description", he said, referring to Plank's comments.

"Regardless of CEO Plank's political views or whether his comment was meant to be a Trump endorsement or a general opinion, we believe the decision to express a view in today's highly charged political climate was a mistake", he said.

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"He wants to build things", Plank told CNBC. I'm a big fan of people that operate in the world of publish and iterate versus think, think, think, think, think. "So there's a lot that I respect there".

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