Adidas announced Monday its current CEO will step down from the top position in 2023.
CEO Kasper Rorsted and the sportswear company "mutually agreed" upon his stepping down "during the course of 2023" once a successor has been picked, Adidas said in a press release. The Germany-based company has already begun looking for its next chief executive.
"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," Adidas AG supervisory board chairman Thomas Rabe said in the release. "We are pleased that Kasper will ensure a smooth transition at the helm of the company during the upcoming months jointly with the Supervisory Board and Executive Board of Adidas AG."
Rorsted was appointed CEO of Adidas in 2016 to replace its longtime chief executive, Herbert Hainer. Before running Adidas, Rorsted served as the CEO of the German company Henkel.
"The past years have been marked by several external factors that disrupted our business significantly," Rorsted said in the Adidas release. "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."
Earlier in August, the Adidas Group reported a decline in its operating profit in the second quarter. It cited supply chain challenges, overseas pandemic-related restrictions, and its suspension of operations in Russia as contributing factors.