Aon Nears $17 Billion Deal to Buy USI Insurance From KKR 
Trump Says ExxonMobil Among Oil Majors Planning Venezuela Return 
German Retail Sales Drop 3.4% in July 
Treasury Yields Set to Stay High as Debt Supply Pressures Bond Market 
OpenAI Nears Astra AI Model Launch With Safety Focus 
Shein Shares Slide 9% in Hong Kong IPO Debut 
Oil Prices Rise as US-Iran Conflict Threatens Middle East Supply 
Australia Current Account Deficit Widens to A$27.2 Billion 
The Realist’s Case: Lukas Kerrebijn of RD Dubai on the Narrative Dubai’s Agents Won’t Question 
France Targets Shein, Temu With Fast-Fashion Fees 
Pinterest Stock Falls as CFO Julia Brau Donnelly Resigns 
Gold Prices Slide as Iran Conflict Fuels Fed Rate Hike Bets 
Asian Tech Stocks Slide as Fed Rate Hike Bets Rise 
Bessent Urges Japan on Fiscal Discipline, BOJ Rate Hikes 
MongoDB Stock Sinks 14% as Atlas Growth Misses Expectations 
CIA-Linked Investor Helped Quantum Systems Expand in US 
Amazon Secures 200 MW Wind Power Deals in Sweden 
Add as a preferred source on Google
Adidas made a surprising announcement that its chief executive officer, Kasper Rorsted, is set to step down from his role next year. The German footwear and sports apparel manufacturer said on Monday, Aug. 22, that the chief is leaving even before his contract with the company expires.
Adidas further revealed that it has already launched a search for someone who will take over the CEO role. According to Reuters, Rorsted and Adidas’ supervisory board mutually agreed for the company’s chief post to be vacated and be handed over to the successor in 2023.
The outgoing CEO has been leading Adidas since 2016, and he admitted that his work required enormous efforts to overcome and prevail over the difficulties and challenges of the past few years. While the company is in search for a replacement, Rorsted will remain in the office.
"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," Thomas Rabe, Adidas’ chairman of the supervisory board, said in a press release.
The chairman went on to express gratitude to Rorsted for his major achievements while leading Adidas. He was credited for important works that include the strategic repositioning of the company, doubling the sales in the North American market, and wide expansion of the brand’s online sales.
“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,” Rabe added. “Under Kasper’s leadership, Adidas has substantially advanced its digital capabilities and grown its online sales by a factor of more than five.”
The supervisory board chairman further said that with the CEO transition, Adidas can now focus more on its core brand after unloading Reebok, CCM Hockey, and TaylorMade.
Meanwhile, Rorsted did not really explain why he is suddenly leaving the company. In 2020, Adidas extended his contract until July 31, 2026, so he originally has a few more years to serve. As he gives up his post, Rorsted simply said, “This is why enabling a restart in 2023 is the right thing to do - both for the company and me personally.”
