Adidas Adidas CEO Casper Rorsted will step down in 2023

Adidas CEO Casper Rorsted will step down in 2023

On Monday, it was announced that Kasper Rorsted would step down as chief executive officer of Adidas AG.

The news comes as a surprise that the Danish native – formerly at Henkel AG – had renewed his contract five years ago in 2020.No detailed reasoning was given by the adidas group for Rorsted’s departure. official statementAlthough people close to the matter claim that the strategy and diversity initiatives of the COVID-19 pandemic were criticized as the major driving force, as reported bloomberg,Losses in key Asian markets have been detrimental to Three Stripes’ stock, which is back at the same level as Rorstedt assumed the role of CEO in 2016.

“After three challenging years that were marked by the economic consequences of the COVID-19 pandemic and geopolitical tensions, now is the right time to begin the CEO transition and pave the way for a restart,” the company said in the release.Announcement of the 60-year-old’s departure.

For the uninformed, the news may be Rorsted’s first hearing, but ex-“Kanye West” has dropped Casper’s name over the years.recently, Adidas Yeezy-Frontman took to Instagram to ask Danish executive to “talk to me” about Adlet 22, a slip-on model by Three Stripes you always felt stolen from the popular yeezy slide,Rorstedt joined German sportswear after Mr West, but all his successes as CEO have followed the same timeline as Yeezy label.and while the tension between the American creative and Rorstedt, which represents adidasDane’s sudden departure, the decline in projected profits is certainly the most determining factor, especially when considering the large gains in market share and the stock price experienced by competitors such as Nike, Inc., The latter two companies native to China, Puma, Anta Sports Products Limited and Li Ning Company.

The future of Adidas remains to be seen, but the brand’s board will likely look for someone who can focus on the digital transition and North American expansion that Rorstedt facilitated.In the meantime, the experienced manager will continue to serve as CEO.

In related news, dozens Yeezy Release Still scheduled for the remainder of 2022.