Kevin Plank, who founded Under Armour in his grandmother's basement, is stepping down as the company's CEO. Here's how the billionaire makes and spends his money.

Kevin Plank founded Under Armour, a leading athletic-wear brand, 23 years ago in his grandmother's basement. On October 22, Under Armour announced that Plank would be stepping down from his role as CEO and will be replaced by COO Patrik Frisk on January 1. Plank will become the executive chairman and brand chief. Plank has a net worth of $1.8 billion. Here's a look at how he built Under Armour and how he spends his money. Visit Business Insider's homepage for more stories.

Kevin Plank founded Under Armour, a leading athletic-wear brand, 23 years ago in his grandmother's basement. On October 22, Under Armour announced that Plank would be stepping down from his role as CEO and will be replaced by COO Patrik Frisk on January 1. Plank will become the executive chairman and brand chief. Plank has a net worth of $1.8 billion. Here's a look at how he built Under Armour and how he spends his money. Visit Business Insider's homepage for more stories.

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Kevin Plank is stepping down as CEO of Under Armour - Business InsiderPlank, who founded the company in 1996, will become executive chairman and brand chief. COO Patrik Frisk will take on his duties as the new CEO.
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