Adidas has announced the unexpected departure of its CEO Kasper Rorsted.
Rorsted and the Adidas AG Supervisory Board mutually agreed the Danish executive will step down in 2023, according to a company statement released today (Aug. 22). Since Rorsted took the reins of the German sneaker and sportswear company in 2016, Adidas doubled its North American sales and saw online sales increase five-fold.
The news comes as a surprise, since Adidas in 2020 extended Rorsted’s contract to 2026. The company is currently on the search for a successor.
“The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges. This is why enabling a restart in 2023 is the right thing to do—both for the company and me personally,” said Rorsted in a statement.