// Kaspar Rorsted’s tenure as Adidas CEO extended by another five years
// Meanwhile, Adidas chairman Igor Landau will be replaced by Thomas Rabe
Adidas has extended the contract of its chief executive Kasper Rorsted by a further five years.
Rorsted has been a member of the Adidas executive board since August 2016 and became the sportswear brand and retailer’s chief executive two months later.
His contract was initially due to expire in July next year, and he will now stay on until 2026.
READ MORE: Adidas sales in China return to growth while UK sales remain doubtful
Meanwhile, Adidas chairman Igor Landau will be replaced by Thomas Rabe, who is currently deputy chairman of the Adidas supervisory board, at the end of the company’s AGM on August 11.
Landau said Rorsted has successfully driven the implementation the business’ long-term strategy with great success.
“The outbreak of the corona pandemic posed major challenges even for a successful company such as Adidas,” Landau said.
“The management team under the leadership of Kasper Rorsted succeeded in steering Adidas and its employees healthily and safely through this unprecedented crisis.
“Continuity and strong leadership are important especially in these times, also in view of the new strategic cycle which will start in 2021.”
Rabe said: “The supervisory board is looking forward to continuing its successful collaboration with Kasper Rorsted.
“We are convinced that under his leadership, the executive board will further advance Adidas’ development towards becoming the best sports company in the world.”
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