Step down | Adidas CEO to Resign in 2019; Search Underway

Adidas, a manufacturer of athletic wear, has announced that CEO Kasper Rorsted would retire in 2019 and that a search for his replacement has begun.

Adidas CEO Kasper Rorsted will retire next year, the sportswear manufacturer announced on Monday, and the search for his replacement has already begun.

Rorsted, the company's CEO since 2016, and its supervisory board "mutually decided" that he would step down sometime in 2023, according to Adidas, based in Herzogenaurach, Germany.

According to Supervisory Board Chairman Thomas Rabe, "it is now the proper time to undertake a CEO transition and create the path for a relaunch" after three difficult years that were highlighted by the economic effects of the COVID-19-pandemic and geopolitical tensions.

He praised Rorsted for his "huge accomplishments," which included restructuring the business strategically, greatly increasing internet sales, and tripling revenues in North America. After selling up TaylorMade, Reebok, and CCM Hockey, according to Rabe, the company can now concentrate on its core brand.

Recent years "have been defined by various external circumstances that considerably interrupted our business," and it has taken "great efforts" to overcome such difficulties, according to Rorsted.

This is the reason that permitting a restart in 2023 is the proper course of action, he continued, "both for the business and for me personally."

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