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25 January 2016

New adidas CEO appointed

The adidas Group has appointed Kasper Rorsted to replace Herbert Hainer as CEO from 1 October 2016. Hainer (61), the longest serving adidas CEO, will be stepping down after 14 years as CEO at the end of September, six months before his contract is due to end.
Adidas | Kasper Rorsted | New CEO
Kasper Rorsted is set to replace Herbert Hainer as CEO of adidas
from 1 October.

Danish born Rorsted (53) will join the adidas Group as an ordinary member of the Executive Board on 1 August 2016 to ensure a smooth transition when Hainer departs a month later.

He has extensive international management experience, most recently at the helm of the German listed consumer goods company Henkel where he had been CEO since 2008. During this period the share price of the company tripled. Prior to that he held senior management positions with computer companies Oracle, Compaq and Hewlett Packard.

Rorsted is a passionate runner, skier and football fan.

“I am convinced that, together with the top management of adidas Group, he will continue with the company’s dynamic growth strategy and lead the adidas group to new successes,” says Igor Landau, chairman of the supervisory board of adidas Group.

Under Hainer’s leadership adidas Group sales have tripled, net income and the number of employees have quadrupled, and the value of the company has increased from € 3-bn to € 18-bn, according to Landau. “Under Herbert Hainer, the adidas group has become one of the most sustainable corporations in Europe and one of the world’s most attractive employers. For these outstanding achievements, he already today deserves the heartfelt gratitude of the supervisory board and all adidas group employees,” he says.

Over the past few years investors had expressed discontent with Hainer’s leadership, especially after Under Armour overtook adidas as the #2 sports brand in the US. Sales losses in golf and currency losses in Russia also affected the Group’s financial performance.

Adidas shares rose more than 6% after the announcement of Rorsted’s appointment, while Henkel shares dropped 4%.

© SA Sports Trader