Adidas CEO to step down next year, successor sought

By AP News

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BERLIN (AP) — Adidas CEO Kasper Rorsted will step down next year, the sports apparel maker said Monday, and the company has started looking for a successor.

BERLIN (AP) — Adidas CEO Kasper Rorsted will step down next year, the sports apparel maker said Monday, and the company has started looking for a successor.

Rorsted, who has been CEO since 2016, and its supervisory board “mutually agreed” that he will hand over during the course of 2023, the Herzogenaurach, Germany-based Adidas said.

“After three challenging years that were marked by the economic consequences of the COVID-19-pandemic and geopolitical tensions, it is now the right time to initiate a CEO transition and pave the way for a restart,” supervisory board chairman Thomas Rabe said in a statement.

He thanked Rorsted for “major achievements” that included strategically repositioning the company, vastly expanding its online sales and doubling sales in North America. Rabe said the firm can now focus on its core brand after divesting TaylorMade, Reebok and CCM Hockey.

Recent years “have been marked by several external factors that disrupted our business significantly” and that it took “huge efforts” to deal with those challenges, Rorsted said.

“This is why enabling a restart in 2023 is the right thing to do — both for the company and me personally,” he added.

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Consumer Discretionary

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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