By Joshua Kirby


Adidas AG said Monday that Chief Executive Officer Kasper Rorsted will step down next year by mutual consent, and that the search for a successor has begun.

The German sporting-goods company said Mr. Rorsted, CEO since 2016, will hand over the reins during the course of 2023, at which point his successor will be appointed.

"Jointly with the supervisory board and the management board, he will ensure a smooth transition at the helm of the company," the company said.

The news comes after Adidas last month issued a profit warning for the year, the second guidance cut in less than three months, as it struggles to recover sales growth in the key China market.


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


(END) Dow Jones Newswires

08-22-22 0811ET