The search for a new leader has finally come to an end for German sportswear giant adidas, as the group has named Kasper Rorsted as its successor to its long-standing Chief Executive Officer, Herbert Hainer.

"Kasper Rorsted is a passionate runner, skier and football fan. Therefore I am convinced that, together with the top management of the adidas Group, he will continue the company's dynamic growth strategy and lead the adidas Group to new successes," said the sportswear company in a statement. "The Supervisory Board looks forward to successfully working with Kasper Rorsted and the entire adidas AG Executive Board."

News of the appointment comes after a meeting of the company's Supervisory Board on Monday morning, during which Rorsted was appointed an ordinary member of the executive board, effective of August 1, 2016 and CEO of adidas from October 1, 2016. In order to ensure a smooth transition, Rorsted will sit at the helm of the group together with Hainer for two months, as Hainer has agreed to adicate his executive board mandate from September 30, 2016, prior to the expiry of his service contract which ends March, 2017.

"Kasper Rorsted is the perfect candidate to succeed Herbert Hainer as CEO of adidas," commented Igor Landua, chairman of the supervisory board of adidas. "He has extensive international management experience, having held positions with high-calibre companies such as Oracle, Compaq and Hewlett Packard. For eight years, Kasper Rorsted has very successfully headed up Henkel, a DAX company that just like the adidas Group is known for its growth, internationality and sustainability."

Landua thanked Hainer on behalf of the company board for all his work over the years as adidas longest serving CEO. "Hainer has done a tremendous job for the adidas Group. Under his leadership, adidas Group sales have tripled, net income and the number of employees have quadrupled, and the value of the company has increased from 3 billion euros to 18 billion euros. Yet it is not only the financial metrics that are notable: Under Herbert Hainer, the adidas Group has become one of the most sustainable corporations in Europe and one of the world's most attractive employers."

Despite receiving the "heartfelt gratitude of the Supervisory Board", Hainer's departure comes as the sportswear company continues to lose market share to its US competitor Nike, which is said to have spurred adidas board into searching for Hainer successor last February.

Photo 1: Kasper Rorsted Photo 2: Herbert Hainer