In late January, Adidas CEO Herbert Hainer made clear that he had no intention of stepping down from his post before his contract expired in 2017, despite suggestions from investors that a change of leadership was needed sooner. And while he does still plan to stick out his contract, the company is getting a head start on finding a successor.
"The Supervisory Board will now start to look for the best possible candidate for my succession both inside and outside the adidas Group," Hainer wrote. "This important task is, as usual in such cases, facilitated by an executive search firm. This will be a long-term process that has just begun."
Hainer came on board as CEO in 2011, and Adidas's supervisory board extended his contract to 2017 back in March 2014 in order to, as Chairman Igor Landau said in a statement Thursday, "give sufficient time for a smooth transition in order to optimize the process of succession." Now that process is beginning.
The sportswear company's profit declined 2 percent in the first nine months of 2014, with results for the full year due out next month. It has had some bright spots in the press recently, though, including a sneaker and clothing collaboration with Kanye West that somewhat stole the show at New York Fashion Week.
Adidas isn't the only brand getting an executive makeover: Kenneth Cole announced Thursday that it has named Marc Schneider as its new CEO. Schneider, who starts Monday, was previously the PVH Corp's group president of Heritage Brands, a portfolio that includes Speedo and dress shirt maker Van Heusen.
Hainer still has plenty of time in his current role, but we'll be watching to see who Adidas finds to replace him.
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