Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

Under Amour's CEO is paid the salary of a Walmart worker ' but he's found another way to get rich (UAA)

Published by Business Insider on Fri, 14 Apr 2017


Under Armour CEO Kevin Plank earns a salary of about $26,000 annually, which is about as much as a Walmart store employee.That may seem shockingly low for the chief executive of an $8billion company, but Plank has found some other ways to get rich.Specifically, Plank owns more than 15% of the company's shares outstanding, which arevalued at more than $1.3 billion, according toa company proxy released Thursday.Additionally, businesses controlled by Plank are benefittingfrom more than $73 million that Under Armour has funneledto them in the last year.The payments include$2.4 million tolease a jet and a $6,500-per-hour helicopter owned by one ofPlanks' companies,according tothe proxy.Under Armour also paid $70.3 million to one of Plank's companies last year for a piece of land his company owned near the clothing brand's headquarters in Baltimore, Maryland. Under Armourplans to use the land to expand its corporate headquarters. The Wall Street Journal previouslyreported on the proxy.Under Armour has plans to use a hotel owned by Plank and his brother, Scott Plank, for business purposes as well, the company said in the filing. The hotel, located in Baltimore, opened in March 2017."We have negotiated corporate rate discounts for use of the hotel with the management company, consistent with rates otherwise available for comparable hotels in the area," the company said.For all the other transactions involving Plank's companies, Under Armour says it usedanindependent outsideparty toappraise the fair market value of thetransaction. In other words, the company tried to make sure it wasn't paying more than it otherwise would, just to do business with Plank's companies.Under Armour's business dealings with Plank's companies come to light as the company shares have been getting hammered, falling 30% since the beginning of the year following news that revenue growth contracted sharply in the most recent quarter after years of explosive gains.The company's net revenue still rose about 12% in the fourth quarter to $1.31 billion, but that was its slowest sales growth in eight years. Analysts had expected revenue of $1.41 billion.SEE ALSO:Chipotle is quietly raising prices during its worst time in historyJoin the conversation about this storyNOW WATCH: Inside Amazon's new Chicago store, where the books have an average rating of 4.5 stars online
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Daily News 24  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Nigerian Tenders  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs