While the recent news of Ye’s rocky relationship with adidas has dominated headlines as of late, it seems the struggles over in Herzogenaurach are more profound than that. According to a press release by the German sportswear brand, their CEO of six years, Kasper Rorsted, is set to leave the company within the next year as they search for his replacement.
The news comes as a shock, especially considering that Rorsted had signed an extension to remain CEO until 2026 on top of his leadership leading to 5x growth in the North American market, that is until the Covid-19 pandemic hit the scene. Share prices of the company have fallen about 37% since the beginning of 2022, a major hit that can be linked to a slump in sales throughout Greater China and the Asian market as a whole.
Directly from the official press release, Chairman of the Supervisory Board of adidas AG, Thomas Rabe, said “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. 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.”
Although things may look grim, Rorsted is leaving on good terms as he will still maintain his position as CEO until the company can find a suitable replacement. Kasper was quoted as saying “...Together with the adidas team I am looking forward to realizing this growth and, jointly with the Supervisory Board, to ensuring a smooth transition at the helm of the company.”
The Three Stripes rarely replaces their CEO, only going through three individuals since 1992, so hopefully, Rorsted’s replacement can live up to the reputation the prior leaders have had within the brand. For more updates on this developing story and more in the sneaker and streetwear scene, keep it locked to our Twitter and the Sole Retriever mobile app.