Adidas CEO to step down in 2023
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Adidas announcedthat its CEO Kasper Rorsted will step down next year. The company will immediately start looking for a new candidate for this position. Until a new CEO is found, Mr. Rorsted will remain in office. Thus, he will leave his post ahead of the contract term – it will expire only in 2026. Rorsted has been head of Adidas since 2016.
In the past few years, Adidas has been going through difficult times, the company’s profit has been declining – so, in the second quarter, its operating profit fell by 28%. Adidas last year sold American company Authentic Brands Group brand Reebok for €2.1 billion.
“After three challenging years that have been marked by the economic impact of the COVID-19 pandemic and geopolitical tensions, now is the right time to begin the process of changing the CEO and pave the way for a restart,” said the head of the supervisory Council of Adidas Thomas Rabe.
Adidas shares are down 27% since the start of the year. After the news of the change in CEO, shares fell 4.2%.
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