The Supervisory Board of adidas AG resolved upon the succession for adidas CEO Kasper Rorsted. Effective January 1, 2023, Bjørn Gulden is appointed as member of the Executive Board and CEO of adidas AG. Kasper Rorsted and the Supervisory Board mutually agreed that he will step down as CEO and leave the company upon expiry of November 11, 2022.

Adidas AG on Tuesday confirmed that it has tapped Bjørn Gulden to succeed outgoing chief executive officer Kasper Rorsted. The 57-year-old Gulden, who has been the CEO at Puma since 2013, will take on his new role at the athletic rival on Jan. 1. He will also serve as a member of the executive board at Adidas.

Adidas has appointed the head of Puma to succeed outgoing CEO Kasper Rorsted, betting on his ability to replicate its crosstown rival’s comeback. Norwegian Bjørn Gulden, 57, will become CEO of Adidas (ADDDF) on January 1, 2023, the German sportswear brand said in a statement on Tuesday.

Adidas AG ADS 0.72% said it tapped Bjørn Gulden to take over as chief executive of the sportswear giant, luring the executive away from crosstown rival Puma SE PUM 0.92% as it grapples with issues ranging from the future of its popular Yeezy sneaker brand to sliding market share in China.

Bjørn Gulden came out swinging in his first analyst call and press conference as CEO of Adidas. Christof Stache/AFP/Getty Images New Adidas CEO Bjørn Gulden on Wednesday hosted his first call with reporters. Gulden leaned into the company's history and hinted at a shift in the company's direct-sales focus.