Adidas CEO Casper Rorsted will step down next year, the sports apparel maker said.

The company began looking for a successor.

Rorsted, who has been boss since 2016, and his supervisory board “mutually agreed” to hand him over sometime in 2023, the German-based company said.

“After three difficult years marked by the economic impact of the Covid-19 pandemic and geopolitical tensions, now is the right time to initiate a CEO transition and pave the way for reopening.” said Supervisory Board Chairman Thomas Rabe in a statement.

He thanked Rorsted for his “great achievements,” which included strategically repositioning the company, significantly expanding online sales, and doubling sales in North America.

Rabe said Adidas was able to focus on its core brands after selling TaylorMade, Reebok and CCM Hockey.

Recent years have been “marked by several external factors that have significantly disrupted our business,” Rorsted said, requiring “significant efforts” to meet these challenges.

“This is why allowing the reopening in 2023 is the right thing for the company and for me personally,” he added.

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