Kasper Rorsted is to leave his role as chief executive of Adidas next year ©Getty Images

Adidas has announced that its chief executive Kasper Rorsted is to leave his role next year.

The German sporting goods maker says it has already started searching for a successor to Rorsted, as reported by Reuters.

"After three challenging years that were marked by the economic consequences of the COVID-19-pandemic and geo-political tensions, it is now the right time to initiate a chief executive transition and pave the way for a restart," said supervisory Board chair Thomas Rabe.

Rorsted, who had a contract through to July 2026, will remain in office until a successor is appointed.

Rorsted replaced Herbert Hainer, who stood down in 2016, as the chief executive of Adidas ©Getty Images
Rorsted replaced Herbert Hainer, who stood down in 2016, as the chief executive of Adidas ©Getty Images

Explaining his decision to step down Rorsted said the last few years had required "huge efforts" adding: "This is why enabling a restart in 2023 is the right thing to do - both for the company and me personally."

Adidas’ shares have lost around 37 per cent in value this year, as reported by Bloomberg.

Rorsted has held the role since 2016, when he succeeded Herbert Hainer, who had headed the company since 2001.