German sportswear group Adidas will replace its chief executive Kasper Rørsted next year — three years before his contract is up — as it continues to suffer from shrinking sales in China and the effects of the war in Ukraine.
The Dax-listed company announced on Monday that Rørsted, who took over in 2016, had agreed to hand over the position during 2023, adding that a successor had not yet been identified.
Shares in Adidas fell by more than 5 per cent in Frankfurt.
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