Adidas Stock Slides As Veteran CEO Kasper Rorsted Plans Departure

Adidas AG (ADDYY) Shares fell Monday after the sportswear group and global Nike NKE rival said CEO Kasper Rorsted will leave the company next year.

Rorsted, who has led the group since 2016, will remain CEO until a successor is named, Adidas said, with a transfer of leadership roles expected in early 2023. Rorsted is credited with driving significant change in the world’s second-largest sportswear group, including its renewed focus on direct-to-consumer and digital sales that has led to significant market share gains in both Nike’s home turf in the United States and its former market leadership position in China.

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