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Under Armour founder Kevin Plank has scored a major new hire for his Baltimore-based real estate firm, luring away a top executive from the Washington Commanders NFL team.
Plank's Sagamore Ventures announced Wednesday it hired Greg Resh, who spent less than two years with the Commanders as chief operating officer and chief financial officer. Resh announced his departure from the team last week but didn't reveal his next move at the time.
Resh’s new job, serving as CFO and executive vice president at Sagamore, entails attracting new investors and managing relationships with developers working on the firm’s ventures, including the massive Port Covington redevelopment.
Sagamore Ventures has backed a handful of notable projects in the Baltimore area, including the Sagamore Spirit Rye Whiskey Distillery in Port Covington, the Sagamore Pendry hotel in Fells Point and Sagamore Farms in Greenspring Valley.
By far, the largest project tackled by Sagamore Ventures is the redevelopment of Port Covington, a 14M SF mixed-use development off Interstate 95 on 235 acres covering the city’s southern peninsula.
“I have watched the Sagamore Ventures team and its partners make a significant impact in Baltimore and expand its portfolio of brands across a wide range of industries,” Resh said in a statement. “As a Baltimore native, I am thrilled to return to my hometown and be part of what Kevin, the Plank family and the Sagamore team are doing to positively impact the lives of Baltimore residents.”
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In May, the Sagamore development team announced MAG Partners and MacFarlane Partners were joining the Port Covington project and replacing Weller Development Co. as the master developer.
Last week, MAG Partners CEO MaryAnne Gilmartin announced at a Bisnow event that the team signed a lease with the first office tenant at Port Covington: The H. Chambers Co., a 123-year-old interior design business. She also said Port Convington is slated to undergo a complete rebranding that includes a new name for the development later this year.
Plank launched Sagamore Ventures, formerly Plank Industries, to steer his investments from the fortune he made as the founder of the sports apparel brand Under Armour.
Nearly three years ago, Plank resigned as CEO of Under Armour after the company failed to meet Wall Street’s expectations following the firm’s 2015 high-water mark in terms of stock price.
His resignation also came amid a Securities and Exchange Commission investigation into the company’s accounting practices and a flurry of lawsuits from investors. Last year the company paid $9M to settle with the SEC but did not admit any wrongdoing.
Plank also sold $27M in Under Armour stock late last year as part of what was called “asset diversification and estate planning” in SEC filings.
According to Forbes' billionaire list estimates, Plank is personally worth $1.5B, which is down from a high of $2B in 2021. Plank first made the magazine’s billionaire list in 2018.
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