German sporting goods maker Adidas

“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,” supervisory board Chairman Thomas Rabe said in a statement.

The group said Rorsted and its supervisory board had mutually agreed that the CEO would hand over his position during the course of 2023. He will remain in office until a successor has been appointed, it added.
Rorsted, who has been at the helm of Adidas since 2016, said that it had required “huge efforts” to master the challenges of the past few years.