Under Armour pledges to fix the company's culture [CNN]
Nike, Inc. (NKE)
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Source: CNN
Under Armour: New report on the company's culture was 'tough to read' In a letter obtained by CNN Business, CEO Kevin Plank and President Patrik Frisk told employees late Monday that the Journal story was "tough to read." "This is not the culture we envision for Under Armour," they wrote. Plank and Frisk said the company will hasten a "meaningful cultural transformation" that they say is already happening at Under Armour. "We can and will do better," they added. The letter was sent after the Journal reported earlier Monday that Under Armour ( UA ) told employees in an email in February that it would no longer reimburse certain expenses, including adult entertainment and gambling. According to the article, executives and employees, including Plank, attended strip clubs with athletes and co-workers over the years. The Journal cited sources who said the company often paid for the visits of "many attendees." Under Armour told the Journal that Plank didn't conduct business at strip clubs o
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