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German sporting goods maker Adidas on Monday said that its Chief Executive Kasper Rorsted would step down from his position next year, although his contract is due to run out.
The company said it had started searching for a successor, and Rorsted will remain in office until a successor has been appointed.
“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,” supervisory board Chairman Thomas Rabe said in a statement.
Adidas said Rorsted, who has been at the helm of Adidas since 2016, and the company’s supervisory board had mutually agreed that the CEO would hand over his position during the course of 2023.
“The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges. This is why enabling a restart in 2023 is the right thing to do - both for the company and me personally,” Rorsted said but did not elaborate on the reasons why he was leaving.
In 2020, Adidas extended his contract until July 31, 2026.
Picture Credit: TheInustry.Fashion
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