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
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