The AP is reporting that adidas has hired Kasper Rorsted to replace long time CEO Herbert Hainer. You can read the full report here.
Hainer’s contract was set to expire in early 2017. Last year there was a debate of sorts about whether or not Hainer’s contract would be extended. That debate has clearly ended. Whatever the impetus, adidas Group will have its first new CEO in 15 years. Rorsted will take control on October 1.
The developments at adidas should be of great interest within the golf world. adidas is the parent company to TaylorMade, Ashworth and Adams.
After 2 years of disappointing results, where the phrase double-digit declines at TaylorMade appeared several times in adidas’ quarterly reports, sale rumors have been swirling about all three brands.
The information we’ve been able to gather suggests that Ashworth and Adams are being actively shopped, while adidas is also entertaining offers for TaylorMade.
While we’ve received conflicting information over the last several days, the best information we have suggests no deals are imminent, although we wouldn’t be the least bit surprised to see adidas totally divest itself of all 3 brands within the next 6-12 months.