Adidas announced on Tuesday that Bjorn Gulden, CEO of rival Puma, would take over as CEO as the German sportswear giant attempts to recover from months of turmoil.
Adidas announced that Gulden will take over as CEO in January of next year, succeeding current CEO Kasper Rorsted.
The 57-year-old “brings nearly 30 years of experience in the sporting goods and footwear industry,” according to Thomas Rabe, chairman of Adidas’ supervisory board.
“As CEO of Puma, he re-energized the brand and led the company to record results,” he added. Adidas will enter a new era of strength under Gulden’s leadership.”
Adidas has experienced months of turmoil, which has impacted sales. In July, the company lowered its forecast for 2022, owing in part to continued severe coronavirus restrictions in key market China.
The group also severed ties with Kanye West at the end of October after the rapper’s anti-Semitic tweets sparked outrage.
Adidas ceased production of the highly successful “Yeezy” line designed in collaboration with West, reducing the company’s net income in 2022 by “up to 250 million euros ($246 million).”
Herzogenaurach, a town in Bavaria near Nuremberg, serves as the corporate headquarters for both Adidas and Puma.
Two brothers started the sister companies.
Before his bitter rival brother Rudolf Dassler founded Puma, Adolf Dassler founded Adidas.
