Adidas CEO Steps Down Amid Slumping Chinese Sales Kasper Rørsted is set to step down as CEO of Adidas, three years before his contract is up, due to slumping sales in China. Rørsted’s decision comes at a time when the sportswear giant continues to suffer from the impact of the Russia-Ukraine war and declining sales in China. Adidas announced that Rørsted, who became the company’s CEO in 2016, will hand over the position in 2023. Rørsted will remain in the role until a successor is found to “ensure a smooth transition at the helm of the company.” Adidas did not elaborate on why Rørsted was leaving early. Adidas Chair Thomas Rabe praised the departing CEO for strategically repositioning the company as it “fast-forwarded its digital transformation.” Rabe added that Rørsted had expanded Adidas’ online business “by a factor of more than five” and managed to double sales in the United States. Rabe also commented: “After three challenging years that were marked by the economic consequences of the pandemic and geopolitical tensions, it is now the right time to initiate a CEO transition and pave the way for a restart.” 9 www.ceotodaymagazine.com MONTHLY ROUND - UP Ted Baker Shakes on £211 Million Takeover Deal with Reebok Owner British retailer Ted Baker has agreed a £211 million takeover deal by Authentic Brands Group (ABG), the US owner of Reebok and Juicy Couture. Ted Baker’s shareholders were told by the company’s board that they have recommended a 110p per share deal. If the deal is confirmed, it will be worth nearly one-third less than the 160p per share approach ABG was considering in May. Ted Baker’s board believes the deal offers a fair value for shareholders and balances the retailer’s growth prospects with the current risk of economic uncertainty. In a comment, Helena Feltham, interim chairwoman of Ted Baker, said: “In April 2022, after receiving a number of unsolicited bid proposals and having consulted with our major shareholders, the Ted Baker board decided to launch a formal sale process to evaluate interest in the business. “Today, we are announcing an all-cash offer fromABG […] The Ted Baker board believes the offer, which is supported by Ted Baker shareholders with a majority of shares, represents a fair value for shareholders and balances the company’s growth prospects with the risks of the uncertain economic environment in which the business is operating.”
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