Kasper Rorsted To Leave Adidas

Former Henkel CEO Kaspar Rorsted is leaving Adidas, according to the company. His departure is being blamed on weak Q2 results and declining sales in China. The move comes just days after another veteran beauty executive found new opportunities in the footwear industry. Former Ulta CEO Mary Dillon recently joined Foot Locker as CEO. 

Rorsted joined Adidas from Henkel in 2016. He will remain CEO while the search for a successor is underway. The switch is expected early next year, and Adidas insisted the change will be a “smooth transition.”

“After three challenging years that were marked by the economic consequences of the covid-19 pandemic and geopolitical tensions, it is now the right time to initiate a CEO transition and pave the way for a restart. 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,” supervisory board chairman Thomas Rabe said in a statement.

In Q2, Adidas took a $400 million one-time charge to clear inventory. At the same time, recovery has been slow in China. For his part, Rorsted welcomed the change.

“The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges,” he said in a statement. “This is why enabling a restart in 2023 is the right thing to do — both for the company and me personally.”

In 2020, Adidas extended Rorsted's contract until July 31, 2026.

As he did at Henkel, Rorsted was credited with driving changes at Adidas. During his tenure, the world's No. 2 footwear maker (behind Nike) pivoted to direct-to-consumer sales and e-commerce, and expanded in the US and China.