Adidas, a German manufacturer of sporting goods, confirmed on Monday that Chief Executive Kasper Rorsted would step down from his position in 2019 before his contract was set to expire and that a hunt for his replacement had already begun.
According to Supervisory Board Chairman Thomas Rabe, “it is now the proper time to undertake a CEO transition and create the path for a relaunch” after three difficult years that were highlighted by the economic effects of the COVID-19-pandemic and geopolitical tensions.
The group said Rorsted and its supervisory board had mutually agreed that the CEO would hand over his position during the course of 2023. He will remain in office until a successor has been appointed, it added.
Rorsted, who has been at the helm of Adidas since 2016, said that it had required “huge efforts” to master the challenges of the past few years.
“This is why enabling a restart in 2023 is the right thing to do – both for the company and me personally,” he said but did not elaborate on the reasons why he was leaving. Adidas had in 2020 extended his contract until July 31, 2026.
As a result of the news, shares of Adidas continued to decline; at 1150 GMT, they were down 3.2%, trailing the blue-chip DAX index, which was down 2%.
Adidas lowered its 2022 revenue projection last month, citing a slower-than-anticipated recovery in China from pandemic-related limitations.