Adidas CEO Kasper Rorsted to leave role in 2023

Adidas has announced today the departure of Chief Executive Officer Kasper Rorsted next year, with the search for a new successor underway.

The Adidas Supervisory Board and Rorsted have "mutually agreed" that he would hand over the position during the course of 2023.

Rorsted, whose contract was renewed in 2020 for five years, will remain CEO until a successor has been appointed to "ensure a smooth transition at the helm of the company".

Thomas Rabe, Chairman of the Supervisory Board of adidas AG, thanked Kasper Rorsted on behalf of the Board: "We would like to thank Kasper for his major achievements. During his tenure since 2016 he has strategically repositioned the company and fast-forwarded its digital transformation. Under Kasper’s leadership adidas has substantially advanced its digital capabilities and grown its online sales by a factor of more than five.

"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 CEO transition and pave the way for a restart. We are pleased that Kasper will ensure a smooth transition at the helm of the company during the upcoming months jointly with the Supervisory Board and Executive Board of adidas AG."

Kasper Rorsted, CEO of Adidas, said: "Adidas is an iconic sports brand. As a company, we have achieved great progress in strategic areas of our business. I am proud of our achievements as a team. The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges. This is why enabling a restart in 2023 is the right thing to do - both for the company and me personally.

"Our business is heading in the right direction. We are growing double-digit in 85% of our business. In the months to come our focus will be to accelerate our growth as soon as all markets can operate without major disruptions. Together with the adidas team I am looking forward to realising this growth and, jointly with the Supervisory Board, to ensuring a smooth transition at the helm of the company."

Rorsted's tenure as CEO has seen him push the use of innovative technologies for a sustainable future, as well as build relationships with successful collaborators, such as Stella McCartney and Beyonce's Ivy Park.

Adidas recently reported that operating profit fell by 28% in the second quarter to £326 million, as the company suffered from suspending business in Russia, higher supply chain costs and COVID-19 lockdowns in China and Vietnam.