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Adidas to get new CEO

January 18, 2016

Shares in the German sportswear giant Adidas have risen sharply on the news that the company will soon get a new chief executive. The incoming boss, Kaspar Rorsted, has led a consumer chemicals firm since 2008.

Adidas Henkel
Image: picture-alliance/dpa

The German sportswear giant Adidas announced the early departure of its chief executive on Monday, saying he would be replaced by the CEO of Henkel, a maker of consumer chemicals.

Adidas' share value jumped by more than 10 percent to 92.37 euros ($100.63) just after midday on the Frankfurt stock exchange as traders welcomed the news that Kaspar Rorsted would be taking over Herbert Hainer's duties in October.

"It's very positive. (Rorsted) is someone who did a very good job at the helm of Henkel," Cedric Rossi, a stock analyst at Bryan Garnier, told the AFP news agency.

But while Adidas's shares were the biggest winner on Germany's blue-chip DAX 30 index on Monday, Henkel's shares were the biggest loser. Its stock fell 4.5 percent to 89.32 euros.

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Henkel is behind consumer goods such as Persil laundry detergent and Schwarzkopf shampoo. The company's supervisory board signed off on Rorsted leaving before his contract was formally due to expire in 2017, saying that he would be gone by April 30 and be replaced by board member Hans Van Bylen.

Adidas said Rorsted would begin as an ordinary member of the company's executive board - an entity that operates separately from a company's supervisory board under German corporate law - effective August 1. After a two-month transitional period, he will take over as CEO.

cjc/hg (AFP, dpa, Reuters)