Hainers contract has been extended until 2017

Hainer's contract has been extended until 2017

Sporting goods giant Adidas has extended the contact of its chief executive officer Herbert Hainer by two years until 2017.

The move gives the company time to find a successor to Hainer, who has been at the helm since March 2001 - during which time the value of the company has increased more than fivefold. 

"We are convinced that Herbert Hainer will continue to drive the company's success on its growth path," said Igor Landau, chairman of Adidas's supervisory board.

Extending Hainer's contract will give "sufficient time to ensure a smooth transition at the helm of Adidas Group and to optimally facilitate the process of succession for the companya," Landau added.