Adidas shares shot up on the Frankfurt Stock Exchange on Monday after the German maker of sportswear and equipment announced its chief executive would be leaving early and replaced by Henkel CEO Kaspar Rorsted.
Adidas shares far outpaced the blue-chip DAX 30 index, soaring more than 10 percent in early afternoon trade, after the company said that Rorsted would take over from Herbert Hainer in October.
“Kasper Rorsted, 53, currently chief executive officer of Henkel, is to succeed Herbert Hainer, 61, as CEO of Adidas,” the sports shoe maker said in a statement.
Adidas shares ended the day up 6.3 percent at 89.26 euros, while Frankfurt’s blue-chip DAX 30 index slid 0.3 percent.
“It’s very positive. [Rorsted] is someone who did a very good job at the helm of Henkel,” Bryan Garnier stock analyst Cedric Rossi said.
Henkel, the maker of consumer chemicals such as Persil washing powder, Loctite glue and Schwarzkopf shampoo, said that Rorsted, in charge since 2008, would be stepping down at the end of April.
Henkel said its supervisory board had “agreed unanimously and by mutual agreement to Kasper Rorsted’s request to prematurely terminate his position” as chief executive as of April 30.
The 53-year-old Dane would be replaced by board member Hans Van Bylen, the statement said.
Rorsted’s contract with Henkel had originally been scheduled to run until next year.
Adidas subsequently issued a statement of its own to announce that Rorsted had now been appointed as its new CEO starting in October, where he would take over from Hainer, 61.
At an extraordinary supervisory board meeting on Monday, Rorsted “was appointed as ordinary member of the executive board effective August 1, 2016 and CEO of Adidas effective October 1, 2016,” the statement said.
“After a two-month transition period, Herbert Hainer will relinquish his executive board mandate effective September 30, 2016.”
Originally, Hainer’s contract had also been scheduled to expire at the end of March next year.
Henkel shares were the biggest losers on the DAX 30, slumping 4.1 percent to 89.64 euros.
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