Under Armour Inc.'s stock jumped 5.5% in Monday premarket trading after the athletic retailer announced that Mohamed El-Erian, Allianz's chief economic advisor, has been named lead independent director of the board. El-Erian succeeds A.B. "Buzzy" Krongard, who has been in the role since 2006. El-Erian has been on the Under Armour board since 2018. Under Armour has been in the midst of a business transformation while managing a coronavirus pandemic response. Under Armour stock has fallen 67.3% over the past year while the S&P 500 index is up 0.2% for the period. Read: Buckle your seat belts, the road ahead is going to be bumpy, warns El-Erian
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