BALTIMORE (Map, News) - Security guards, school bus drivers and the chief executive officer of one of Baltimore’s fastest-growing and best-known companies. This year, they’ll all bring home a $26,000 salary.

Under Armour CEO and founder Kevin Plank voluntarily cut his 2008 salary from $500,000 to $26,000 — the amount he made in 1996 when he founded the company, according to a March 21 filing with the Securities and Exchange Commission. This places him in the pay range of those more modest jobs, according to Department of Labor Statistics.

According to the company’s proxy statement filed with the SEC, Plank “believes he should be compensated for his services based primarily on [the] company’s performance.” Under Armour’s compensation committee set the maximum for that bonus this year at $1.47 million — which equals Plank’s $1 million maximum 2007 bonus plus the $474,000 pay cut.

Plank, 35, earned his $1 million bonus last year, as the company saw its net revenues soar to $606.6 million from $430.7 million. He also received a $500,000 salary and $28,656 in other compensation.

Plank’s move sends a message to the company and competitors as Under Armour prepares to launch its first cross-trainer shoe later this spring.

“Going against Nike they’re going to need those kind of bold moves. They’re going to need to show they're a scrappy firm, that they’re agile,” said Mickey Matthews, North American vice-president with executive search firm Stanton Chase International.

Even without a huge performance bonus, Plank's pay cut won’t have him eating Ramen noodles any time soon. According to the SEC filing, he directly or indirectly owns 12.5 million shares of Under Armour Stock. At Tuesday's closing price of just under $39 each, those stock holdings are worth approximately $487.5 million.

acahall@baltimoreexaminer.com