Adidas CEO to step down in 2023; replacement search under way

The German sneaker company said the board and Rorsted had “mutually agreed” he would hand over the top job during the course of next year, according to a statement Monday. The company said Rorsted will remain CEO until a successor has been appointed to ensure a smooth transition.

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Rorsted’s announced departure comes a few weeks after Adidas issued a profit warning after its sales were hit by lockdowns and consumer boycotts in China, offsetting strong momentum in its key Western markets. Rorsted joined Adidas in late 2016 from German consumer-goods company Henkel AG.

This story has been published from a wire agency feed without modifications to the text.

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