Adidas CEO to step down next year, successor sought

BERLIN (AP) — Sports apparel maker Adidas says CEO Kasper Rorsted will step down next year and it has started looking for a successor. The Germany-based company said Monday that Rorsted and its supervisory board “mutually agreed” that he will hand over during the course of 2023. He’s been CEO since 2016. Supervisory board chairman Thomas Rabe says “after three challenging years that were marked by the economic consequences of the COVID-19-pandemic and geopolitical tensions, it is now the right time to initiate a CEO transition and pave the way for a restart.”