Adidas CEO Kasper Rorsted will leave the Franconian sporting goods manufacturer next year.
The Dane and the supervisory board had agreed on this, the Dax group announced on Monday.
Adidas had recently lost ground to its local rival Puma, mainly because of a weak China business.
"The search for a successor has begun," the statement said.
Rorsted will continue as CEO until a successor is appointed and, together with the Supervisory Board and the Executive Board, will ensure a smooth transition.
"Under Kasper Rorsted's leadership, Adidas has significantly expanded its digital capabilities and the group's online sales have increased more than fivefold," said Supervisory Board Chairman Thomas Rabe.
Adidas has also underpinned its leadership in sustainability.
Among other things, Rorsted was responsible for the sale of the Reebok brand, which was a problem child for Adidas for a long time.
"After three challenging financial years, which were shaped by the economic consequences of the Covid-19 pandemic and geopolitical tensions worldwide, now is the right time to initiate a change in the position of CEO in order to enable the company to restart," emphasized Rabe .
Rorsted spoke of "external factors" that have affected business in recent years.
Coping with this took a lot of strength.
Adidas is on the right track.
85 percent of the markets grew by double-digit percentages.
After the announced departure of CEO Kasper Rorsted, Adidas shares fell by up to 4.2 percent.
The 60-year-old Rorsted took over the post at Adidas in 2016.
The native Dane was previously the head of consumer goods manufacturer Henkel.
"Manager Magazin" named Rorsted manager of the year 2019 because the stock market value of the sporting goods company had risen sharply since he took office.