Paramount-Warner Bros $110 Billion Deal Draws Antitrust Backlash 
Strait of Hormuz Oil Shipments Hit Six-Month High as U.S. Clears Mines 
Yen Weakens as Dollar Gains on Widening US-Japan Rate Gap 
FAA Allows Boeing to Sell 35 More 777F Freighters Beyond 2028 
CNN, MS NOW and Politico Sue Trump Over White House Media Ban 
Wall Street Mixed as Treasury Yields Rise After Fed Hike 
Canada Eyes India Trade Deal by Year-End 
S&P 500 Historically Rallies After Midterm Elections, UBS Says 
Gold Prices Hold Steady Ahead of Trump-Xi Summit, Middle East Risks 
Petrobras Joins Brazil Diesel Subsidy Program 
South Korea to Brief Lawmakers on $350 Billion US Investment Package 
Paramount Skydance Faces $30 Million Film Penalty in Warner Bros. Deal 
Bolivia Approves $1.9 Billion IMF Financing Deal 
Vietnam, US Trade Deal Could Be Signed Soon, To Lam Says 
SpaceX Nasdaq 100 Weight to More Than Double in Rebalance 
Japan, U.S. Discuss $19 Billion GlobalFoundries Chip Plant 
Supertanker Orders Surge as US-Iran War Reshapes Oil Trade 
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.”
