Kasper Rorsted will ‘step down as CEO’ of Adidas in 2023 – Footwear News
Just days after Foot Locker revealed its CEO change, Adidas said it would also have a new leader in 2023.
The athletics giant today announced that Kasper Rorsted, the company’s current CEO, and the supervisory board of Adidas AG have mutually agreed that he “will step down as CEO during of the year 2023”. Adidas confirmed in a statement that the search for a successor had begun and that Rorsted would remain CEO until a successor was named.
“Adidas is an iconic sports brand. As a company, we have made great strides in the strategic areas of our business. I am proud of our accomplishments as a team,” Rorsted said in a statement. “The last few years have been marked by several external factors that have greatly disrupted our business. It took tremendous effort to master these challenges. This is why allowing a restart in 2023 is the right thing to do, both for the company and for me personally.
He continued, “Our business is moving in the right direction. We’re seeing double-digit growth in 85% of our business. In the coming months, our goal will be to accelerate our growth as soon as all markets can operate without major disruptions. Together with the Adidas team, I look forward to achieving this growth and, together with the Supervisory Board, to ensuring a smooth transition at the helm of the company.
The announcement of Rorsted’s impending departure comes shortly after Adidas revealed the impact of headwinds in China and the shutdown of its Russian operations on its second-quarter results. On August 4, Adidas announced that second-quarter currency-adjusted sales rose 4%, although net profit from continuing operations fell to 360 million euros (or $367 million). Operating profit fell to 392 million euros ($398 million) from 543 million euros ($553 million) in 2021.
Rorsted was named CEO of Adidas in January 2016, succeeding 15-year company veteran Herbert Hainer. He took control of Adidas on October 1, 2016, after a two-month transition period. At the time of the announcement, Rorsted was the CEO of consumer goods maker Henkel AG & Co.
In August 2020, Adidas extended Rorsted’s appointment as CEO for another five years.
“After three difficult years marked by the economic consequences of the COVID-19 pandemic and geopolitical tensions, now is the time to begin a CEO transition and pave the way for a restart,” said Thomas Rabe, Chairman of Adidas AG. supervisory board, said in a statement. “We are delighted that Kasper is ensuring a smooth transition at the helm of the company over the next few months, together with the Supervisory Board and the Board of Directors of Adidas AG.”
The news of Rorsted’s upcoming departure comes at a time when the leadership ranks in the sports market are in flux. Foot Locker Inc. said CEO Dick Johnson will step down effective September 1. Mary Dillon, former executive chairman and CEO of Ulta Beauty, will become its new director.
Foot Locker Inc. also confirmed that Johnson will serve as Executive Chairman of the Board of Directors per January 31, 2023after which the main independent director of Foot Locker Dona Young will replace him as non-executive chairman of the company.