Adidas has announced it has extended the contract of its CEO Kasper Rorsted by a further five years.
Rorsted has been a member of the Adidas executive board since August 2016 and became the brands chief executive two months later.
His contract was initially due to expire in July 2021, but has now been extended since 2026.
Igor Landau, chairman of the supervisory board, said: “Kasper Rorsted has driven the implementation of our long-term strategy ‘Creating the New’ with great energy and success. He clearly left his mark focusing the company on sustainable growth and increasing its profitability.
“The outbreak of the corona pandemic posed major challenges even for a successful company such as adidas. The management team under the leadership of Kasper Rorsted succeeded in steering Adidas and its employees healthily and safely through this unprecedented crisis.”
He added: “Continuity and strong leadership are important especially in these times, also in view of the new strategic cycle which will start in 2021.”
Meanwhile, Adidas also revealed Langau will be replaced by Thomas Rabe, who currently holds the position of deputy chairman of the supervisory board, at the end of its AGM on 11 August.
Rabe said: “The Supervisory Board is looking forward to continuing its successful collaboration with Kasper Rorsted.
“We are convinced that under his leadership, the executive board will further advance adidas’ development towards becoming the best sports company in the world.”