adidas CEO to Step Down, Successor TBD

Last Updated on 08/24/2022 by てんしょく飯

ADIDAS announced on August 22 that CEO Kasper Rorsted will step down. His successor has not yet been determined. To ensure a smooth transition, Rorsted will remain in his current position until a successor is selected, which is expected to be in the first half of 2023.

The time is right for a fresh start.

He assumed his current position in January 2016, having previously served as CEO of Henkel (HENKEL) from 2008 to 2016. Prior to that, he held key positions at ORACLE and HEWLETT PACKARD. Adidas extended Rorsted’s term as CEO in August 2020 until July 2026, but he stepped down earlier than planned.

Thomas Rabe, chairman of adidas’ Supervisory Board, said, “Having faced difficulties in recent years due to the Corona disaster and geopolitical issues, I think the time is right for a CEO change and a fresh start. I am deeply grateful to Kasper, who has contributed so much to our company, including rebuilding our business strategy and promoting digitalization,” he said.

CEO Rorsted said, “I am proud to have achieved great things with the team at ‘adidas,’ an iconic sports brand. However, the past few years have been difficult to navigate, primarily due to external factors, and we have had to work very hard to overcome the challenges. For this reason, I have decided that it is better for the company and for me personally to make a fresh start in 2023,” he said.

The company announced on April 4, 2022, its second-quarter results, in which sales grew 10.2% y/y (about 4% y/y in local currency terms) to 5,596 million euros (about 766.6 billion yen), a slowdown in growth due to the impact of the closure measures in Russia and the lockdown in China. Operating income fell 27.8% to 392 million euros (about 53.7 billion yen), and net income fell 24.0% to 309 million euros (about 42.3 billion yen). In August 2021, adidas sold its REEBOK subsidiary to the brand management company AUTHENTIC BRANDS GROUP.