The German sporting goods supplier Adidas AG has to look for a new boss. On Monday, the group announced that CEO Kasper Rorsted would resign next year. The Dane, who has managed the company since spring 2016, has agreed to leave with the supervisory board “by mutual consent”, Adidas announced. A good two years ago, the company prematurely extended Rorsted’s contract until 2026.
The search for a new CEO has already begun. Until his successor joins, Rorsted will “continue as CEO and, together with the Supervisory Board and the Executive Board, ensure a smooth transition at the top of Adidas AG,” the company said.
Supervisory Board Chairman Thomas Rabe praised the merits of the outgoing top manager: “We thank Kasper for his great achievements. During his tenure since 2016, he has strategically realigned the company and significantly advanced the company’s transformation,” he said in a statement. “Under Kasper Rorsted’s leadership, Adidas has significantly expanded its digital capabilities and more than quintupled the group’s online sales.”
Rorsted: Restart “right and important for the company and for me personally”
Rabe also counts the doubling of sales in North America as Rorsted’s successes as well as important strategic decisions. “Following the successful sale of TaylorMade, CCM Hockey and Reebok, the company can focus on its core brand, Adidas,” he said. During his time as CEO, the Dane not only advanced the group commercially: “Adidas also underpinned its leading position in terms of sustainability and increased diversity and participation in the company,” emphasized the Chairman of the Supervisory Board. For example, the proportion of women in management positions has increased significantly.
Rorsted himself explained the reasons for his decision in a statement: “Adidas is and will remain a sporting icon. The company has made tremendous strides in strategic areas. I’m proud of what we’ve achieved as a team,” he said. “The past few years have been characterized by numerous external factors that have had a significant impact on our business. It took a lot of strength to cope with these external challenges. That’s why a new start in the coming year is right and important for the company and for me personally.”