The search for his successor has already started and Rorsted, who has held the post at adidas since 2016, along with the supervisory board and management board are keen to ensure a smooth transition.

Adidas’ chairman of the supervisory board Thomas Rabe, said: “Under Rorsted’s leadership Adidas has substantially advanced its digital capabilities and grown its online sales by a factor of more than five. In North America, the world’s largest sporting goods market, Adidas has doubled its sales. In addition, Adidas has strengthened its leadership position in sustainability and increased diversity, equity and inclusion throughout the company. One example is the share of women in leadership positions that increased significantly during his tenure. Following the successful divestiture of TaylorMade, CCM Hockey and Reebok the company is now able to focus its efforts on its core brand Adidas.”

Rabe explained that after three challenging years that were marked by the economic consequences of the pandemic and geo-political tensions, now is now the right time to initiate a CEO transition and pave the way for a restart.

He said: “We are pleased that Kasper will ensure a smooth transition at the helm of the company during the upcoming months jointly with the supervisory board and executive board of Adidas AG.”

Rorsted added: “Adidas is an iconic sports brand. As a company, we have achieved great progress in strategic areas of our business. I am proud of our achievements as a team. The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges. This is why enabling a restart in 2023 is the right thing to do – both for the company and me personally.”

He added: “Our business is heading in the right direction. We are growing double-digit in 85% of our business. In the months to come our focus will be to accelerate our growth as soon as all markets can operate without major disruptions. Together with the Adidas team I am looking forward to realising this growth and, jointly with the supervisory board, to ensuring a smooth transition at the helm of the company. “

Earlier this month Adidas posted a 4% increase in currency-neutral revenues for the second quarter with the German sporting goods giant pointing to continued strong momentum in Western markets.