Adidas CEO Kasper Rorsted will step down before his contract is due to run out, the German sporting goods maker announced.
The group said Rorsted and its board 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 as the sporting good firm has already started searching for a new CEO.
“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,” Adidas supervisory board Chairman Thomas Rabe said in a statement.
Rabe thanked Rorsted for “major achievements” that included strategically repositioning the company and doubling sales in North America. Rabe said the firm can now focus on its core brand after divesting TaylorMade, Reebok and CCM Hockey.
Rorsted, who was appointed Adidas CEO in 2016, said the move is the best thing for both the company and himself after several external factors disrupted its business significantly.
“Enabling a restart in 2023 is the right thing to do – both for the company and me personally,” Rorsted said.
Adidas last month cut its 2022 earnings target, citing a slower-than-expected recovery in China.