Adidas AG announced on Monday that it had started a CEO transition. Kasper Rorsted (pictured), CEO of Adidas, and the Supervisory Board jointly agreed that Kasper Rorsted will step down in 2023.

Axar.az reports citing foreign media.

"As a company, we have achieved great progress in strategic areas of our business. I am proud of our achievements as a team. The past years have been marked by several external factors that disrupted our business significantly. It required huge efforts to master these challenges. This is why enabling a restart in 2023 is the right thing to do - both for the company and me personally," Rorsted said.

According to the statement issued by the company, he will remain CEO until his successor is appointed.