ADDYY Adidas AG (QX)

By Joshua Kirby

Adidas AG said Wednesday that it has extended the contract of finance chief Harm Ohlmeyer for a further three years and that two members of the executive board are to step down.

Mr. Ohlmeyer, chief financial officer since 2017, is now appointed until the beginning of 2028, Adidas said. His skills will help the company turn things around, Chief Executive Bjorn Gulden said, as Adidas confirmed 2023 will be a year of transition for the company after a difficult 2022.

Global sales chief Roland Auschel will meanwhile step down from the board after 33 years with the company and ten on the board, Adidas said. He will be replaced by Arthur Hoeld, currently EMEA regional chief, from April 1.

Global brands chief Brian Grevy will also step down at the end of the month, Adidas said. Mr. Gulden will take over his responsibilities for the group's product and marketing activities; this will enable "the required fast decision-making across all business units and departments," Adidas said.

Mr. Gulden himself joined Adidas in January, crossing town from rival Puma AG to take the helm of the company after a series of financial and operational setbacks over the last year.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

March 08, 2023 03:18 ET (08:18 GMT)

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