German sportswear company Adidas said on Monday that its chief executive Kasper Rorsted will step down next year before his contract expires and that it has begun looking for a successor.
“After three difficult years marked by the financial consequences of the pandemic and geopolitical tensions, now is the right time to initiate the transition of the CEO and pave the way for a restart,” Supervisory Board Chairman Thomas said in a statement Rabe.
The Group said that Rorsted and the supervisory board have mutually agreed that the CEO will hand over his position during 2023. He will remain in his position until his successor is appointed, it added.
Rorsted, who has been at the helm of Adidas since 2016, said it took “enormous efforts” to address the challenges of recent years.
“This is why the option to restart in 2023 is the right thing to do – both for the company and for me personally,” he said, but did not elaborate on why he is leaving. Adidas had extended his contract in 2020 until July 31, 2026.
Adidas stock fell more than 3% after the news broke.
Source: Capital
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