Adidas shock as CEO to step down despite contract to 2025

German sporting goods firm reels from years of lockdowns and consumer boycotts in China

Adidas CEO Kasper Rorsted was due to stay on until 2025.

Adidas announced the surprise departure of chief executive Kasper Rorsted next year, forcing the search for a new leader as the German sporting goods company reels from years of lockdowns and consumer boycotts in China.

The Adidas board and Mr Rorsted have “mutually agreed” that he would hand over the top job in the course of next year, according to a statement. Mr Rorsted, whose contract was renewed in 2020 for five years, will remain CEO until a successor has been appointed to ensure a smooth transition.