Sporting goods group Adidas AG has extended the contract of its CEO and chairman Herbert Hainer beyond 2010, the company announced at its annual general meeting today (7 May).

It did not, however, reveal the length of the extension.

Hainer joined Adidas in 1987, has been a board member since 1997, and was appointed CEO in March 2001.

Dr Hans Friderichs, outgoing supervisory board chairman, said: "The Adidas Group is in the fortunate position to be continuously headed by Mr Hainer during this difficult time and beyond."

Earlier this week the Herzogenaurach-based firm said it is axing its regional offices as part of a restructuring programme designed to lay the foundation for sustainable long-term growth.

The company announced a revamp designed to save more than EUR100m (US$134m) a year as it revealed a 97% slump in first quarter profit, impacted by lower sales in all business segments and difficult comparatives.