By Joshua Kirby


Adidas AG said Tuesday that it is appointing as its new chief executive the current CEO of rival Puma SE, Bjorn Gulden.

Mr. Gulden will take the helm of the German sportswear giant from Jan. 1, Adidas said.

Adidas said at the end of the last week that it was in talks with Mr. Gulden over his potential replacement of incumbent CEO Kasper Rorsted. The news came shortly after Puma announced Mr. Gulden's departure after nine years in charge, and his replacement at the beginning of the new year by current Chief Commercial Officer Arne Freundt.

Mr. Rorsted will step down on Friday, with finance chief Harm Ohlmeyer set to lead the company until Mr. Gulden takes over.

Adidas said over the summer that Mr. Rorsted would leave the company, following a string of disappointing results and cuts to financial expectations. The company has struggled to shore up falling sales in the vital China market, heavily dragging group growth.

More recently, Adidas has warned of financial hits form a split with rapper and designer Kanye West on the lucrative Yeezy label, and from a further squeeze from economic downturn in Western markets.


Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby


(END) Dow Jones Newswires

11-08-22 0701ET