German sports brand Adidas recently announced that its CEO, Kasper Rorsted, will leave his post in 2023—three years before his contract ends—and that the company is now searching for its next chief executive.
The unexpected move came as the company saw declining sales in China for five consecutive quarters.
The company said on Aug. 22 that its supervisory board had reached a mutual agreement with Rorsted to initiate the handover process of his chief executive role. And during this period, Rorsted will remain CEO to ensure a smooth transition.
“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,” according to a company statement….