Adidas AG has announced that Kasper Rorsted, CEO, and the company’s supervisory board have mutually agreed that Rorsted will step down from his position in 2023. The search for a successor has already begun. Rorsted will continue as CEO until a successor is appointed and will work with the supervisory and executive boards to ensure a smooth transition. The Danish native has been CEO of Adidas based in Herzogenaurach, Germany, since 2016.
Thomas Rabe, chairman of the supervisory board, said: “We thank Kasper for his great achievements. Under his leadership, Adidas has significantly expanded its digital capabilities and quintupled the Group’s online sales. In the world’s largest sporting goods market, North America, Adidas has doubled its sales. It has also underpinned its leadership in sustainability and increased diversity and participation in the company. For example, the proportion of women in management positions increased significantly. Following the successful sale of TaylorMade, CCM Hockey and Reebok, the company can focus on its core Adidas brand.”
Rabe also said that after three challenging financial years marked globally by the economic impact of the Covid-19 pandemic and geopolitical tensions, the time is now right to initiate a change to give the company a fresh start. “We are pleased that Kasper, together with the supervisory board and the executive board, will ensure a smooth transition at the helm of Adidas AG in the coming months.”
In the summer of 2020, shortly after the outbreak of the Covid pandemic, the supervisory board had extended Rorsted’s term of office by five years until July 31, 2026. Rorsted said that the challenges of the last few years had taken a lot of energy. “That’s why a fresh start this coming year is right and important for the company and me personally.”
Recently, the company has stumbled in China, where sales and profits declined sharply. Product shortages and supply chain delays have further impacted growth in most markets. In the coming months – when all markets are operating without significant further restrictions – the focus will be on picking up the pace again, Rorsted said.
