INDIA: MD and COO depart Adidas India
Adidas has announced that the managing director and COO of its Indian division have left the company.
Adidas India managing director Subhinder Singh Prem and COO Vishnu Bhagat have left the company with immediate effect. They will be replaced by Claus Heckerott and Frederic Serrant as managing director and sales director, respectively.
Heckerott has 14 years of senior management experience within Adidas, and was most recently VP finance global sales. Serrant joined the Indian team in January from France, where he has been sales director since 2007.
There have been reports in the Indian press that Singh Prem and Bhagat left the company abruptly after the sporting goods manufacturer plunged into losses amid rumours of financial misrepresentations.
The Times of India reported that there have been allegations of financial discrepancies and losses at the group's Indian unit following the merger of Reebok's operations. Adidas and Reebok only merged last year in India, despite the global merger of the two sportswear companies completing in 2005.
Adidas declined to comment on the report.
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