Companies

adidas CEO to unexpectedly step down in 2023

Sep 7, 2022 Germany

The German-based sportswear giant announced that CEO Kasper Rorsted will step down next year, before his contract is due to run out, and that it is already searching for a successor

"After three challenging years that were marked by the economic consequences of the COVID-19-pandemic and geo-political tensions, it is now the right time to initiate a CEO transition and pave the way for a restart", commented Thomas Rabe, Chairman of the Supervisory Board of adidas, who thanked Rorsted on the behalf of the board, emphasizing that he was responsible for strategically repositioning the company and accelerating its digital transformation.

Kasper Rorsted, who led adidas since 2016 and extended his contract in 2020 until the 31^st of July 2026, said that "the past years have been marked by several external factors that disrupted our business significantly", which "required huge efforts to master these challenges". For that reason, he believes that "enabling a restart in 2023 is the right thing to do - both for the company and me personally".

Search for a new CEO is currently underway, but until a new name is appointed, he will remain in the role to ensure a smooth transition at the helm of the company, jointly with the Supervisory Board and Executive Board of adidas.

Image Credits: oregonlive.com

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