Adidas AG appointed former Puma SE Chief Executive Officer Bjorn Gulden as its next CEO as the company seeks to move on from a crisis over its partnership with rapper Ye.
Current chief Kasper Rorsted will step down Friday, earlier than expected, after Adidas terminated the Yeezy venture. The German sportswear company last week said Gulden was a potential successor to Rorsted after Puma announced its CEO’s departure.
Adidas shares rose as much as 4.8% and were trading 2.2% higher as of 2 p.m. in Frankfurt. Even after a surge following news that Adidas and Gulden were speaking, the stock is down about 25% during Rorsted’s six-year tenure.
The new boss, 57, will inherit a company embroiled in crises on several continents, with unsold shoes piling up. Adidas severed ties with Ye, formerly known as Kanye West, following a string of offensive and antisemitic remarks from the hip-hop artist and designer.
That’s raising questions about how Adidas will maintain the buzz around its sneakers and activewear. Yeezy has accounted for nearly half of the company’s total profits in recent years.
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