Adidas announces the departure of its boss Kasper Rorsted "during 2023", successor unknown

Europe 1 with AFP 2:42 p.m., August 22, 2022

The German sports equipment giant Adidas announced on Monday the departure "during 2023" of its boss Kasper Rorsted, who will remain in his post "until a successor is appointed" to guarantee a "smooth transition".

"After three difficult years, marked by the economic consequences of the Covid-19 pandemic and geopolitical tensions, the time has come to initiate a CEO transition and prepare for a new start", explains the Chairman of the Supervisory Board, Thomas Rabe, in a press release.

"We thank Kasper for his great achievements."

The departure is made "by mutual agreement"

The departure is made "by mutual agreement" and "the search for a successor has been launched", specifies the group.

"The last few years have been marked by several external factors which have considerably disrupted our activity" and required "enormous efforts", notes Mr. Rorsted.

"Enabling a fresh start in 2023 is the right thing to do, both for the company and for me personally," he added in the statement.

While the lifting of health restrictions in Europe and the United States has enabled Adidas to restart its activity there, the equipment manufacturer is still suffering from the strict “zero Covid” policy in China.

A profit of 360 million euros

Given the importance of the Chinese market – nearly 16% of total sales in the first half of 2022 against barely 10% 10 years ago – the group lowered its overall annual forecasts from the end of July.

It is only counting on a growth of 5 to 10% of its global sales, driven by the United States and Europe, against a range of 11 to 13% previously.

In the second quarter, Adidas posted a net profit of 360 million euros, down 7% year on year.

The result should reach approximately 1.3 billion euros over the year, against a range between 1.8 billion and 1.9 billion euros initially forecast.