Adidas slashes 2022 outlook, investors pin hopes on incoming CEO

November 9, 2022

Adidas (ADSGn.DE) further cut its 2022 outlook on Wednesday as it weighed the impact of its split from Ye, the rapper formerly known as Kanye West, but its shares rose on investor hopes a new CEO arriving from rival Puma can lead a fresh era of strength.

Bjorn Gulden, who has led Puma (PUMG.DE) since 2013, will move to Adidas as chief executive from Jan. 1, replacing current CEO Kasper Rorsted who is set to step down earlier than planned amid mounting problems at the company. Reuters