Adidas’s boss is stepping down after nearly seven years in charge.
Kasper Rorsted, who took over at the sports company in 2016, will leave his post in 2023.
In 2020, he had agreed to a contract until 2026. But his early exit comes as Adidas looks to reverse its fortunes.
Kasper Rorsted, who took over at the sports company in 2016, will leave his post in 2023
The German multinational – which has signed up American model Kendall Jenner as brand ambassador – cut its 2022 earnings target just last month, citing a slower-than-expected recovery in China from pandemic restrictions.
Supervisory board chairman Thomas Rabe said: ‘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 transition and pave the way for a restart.’
Rorsted, 60, said it required ‘huge efforts’ to master the challenges of the past few years.
‘This is why enabling a restart in 2023 is the right thing to do – both for the company and me personally,’ he said.
He did not expand on why he was leaving but many had expected him to see out his tenure in full.
Adidas said it has begun the search for his successor. Before joining Adidas, Rorsted worked at IT firms Oracle, Compaq, Hewlett Packard and consumer goods manufacturer Henkel.
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