adidas Announces New CEO and Stocks Immediately Soar

In addition to their ground breaking partnership with Kanye West two years ago, adidas has just announced a new CEO for the company. Henkel — the maker of laundry powders and Dial Soap — Chief Executive Kasper Rorsted will take the top spot at the Three Stripes in October, replacing Herbert Hainer, who has faced widespread investor discontent. “adidas’ stock soared by over 11% on the news, with investors confident Mr. Rorsted can restore growth at the company following a tenure at Henkel that is considered a clear success.”

“Mr. Hainer, at the helm of Adidas for over 14 years, and longest-serving CEO on the DAX index, faced intense shareholder pressure last year amid weak golf division sales, a poor performance in North America, and currency losses in Russia, one of its largest markets. Under his leadership, the company has lost market share to its biggest rival Nike, Inc. and newcomer Under Armour, Inc.”

For more on the move, head over to The Wall Street Journal.