adidas: stock down as chief executive to leave

(CercleFinance.com) - adidas announced on Monday that its chief executive Kasper Rorsted will step down next year after seven years at the helm of the German sports equipment maker.


The Herzogenaurach-based group said the decision was made "by mutual agreement", adding that the name of Kasper Rorsted's successor had not yet been decided.

In a statement, adidas said that the search for the next CEO has begun and that Rorsted's planned departure next year will ensure a "smooth transition" in management.

The board praises Kasper Rorsted's strategic repositioning and digital transformation, which has resulted in a five-fold increase in the company's online sales.

From a stockmarket perspective, the share price has risen by 80% since his arrival, double the DAX index performance.

Following the announcement of his departure, the adidas share lost more than 3% on the Frankfurt Stock Exchange on Monday.



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