Adidas has appointed Bjørn Gulden, the CEO of rival Puma, as its new chief executive, and he will take over the German sportswear brand in January as the company weathers the fallout from its split with the rapper formerly known as Kanye West.
Gulden will replace Kasper Rorsted, Adidas' CEO since 2016, whose departure was announced in August. Adidas said at the time that Rorsted would hand over the reins during the course of next year but said on Tuesday that he and the supervisory board "mutually agreed" that he will step down and leave the company Friday.
Chief Financial Officer Harm Ohlmeyer will head Adidas until the end of the year. He takes the helm temporarily after the company ended a partnership with Ye late last month amid mounting outcry over the rapper's offensive and antisemitic remarks.
Adidas, which followed other companies in cutting ties with Ye, is expected to take a hit of up to 250 million euros (dollars) to its net income this year from the decision to immediately stop production of its line of Yeezy products and is left searching for another star to help it compete with ever-larger rival Nike.
Gulden, a 57-year-old Norwegian who was once a professional soccer and handball player, has been Puma's CEO since 2013. He has worked at Adidas before and was its senior vice president of apparel and accessories from 1992 to 1999.
He also has served as CEO of Danish jewelry brand Pandora, managing director of footwear retailer Deichmann and president of Rack Room Shoes and is board chairman at Danish food retailer Salling Group.
Gulden "knows the industry extremely well and draws on a rich network in sport and retail," Adidas supervisory board chairman Thomas Rabe said in a statement.
"As CEO of Puma, he reinvigorated the brand and led the company to record results," Rabe said, adding that the Adidas board "is convinced that Bjørn Gulden will head Adidas into a new era of strength and is looking very much forward to a successful cooperation."
Puma, which like Adidas is based in the southern German town of Herzogenaurach, said its chief commercial officer, Arne Freundt, will replace Gulden as its CEO.
The Many Hires Jeremiah Wassom As Group Creative Director
Independent agency The Many has added Jeremiah Wassom as group creative director.
Wassom most recently worked a decade at Deutsch LA where, as SVP/creative director, he led the Taco Bell account and won new business for the agency. His agency past also includes AKQA and TBWAChiatDay. His creative work has touched the QSR, video games, automotive, fashion, and culture brand sectors. He also served eight years with the United States Marine Corps.
“Throughout his career, Jeremiah has helmed work that has not only made me personally jealous but has consistently pushed brands to show up in memorable and innovative ways,” said Josh Paialii, head of creative at The Many. “One look at his body of work and you will see his passion for storytelling and craft has raised the bar for entire categories, driving participation with many brands’ most loyal fans. Beyond being a world-class creative director and maker, Wassom is a proven team player and strategic thought leader. He’ll be a great addition to the leadership team at The Many working across all accounts. His role will be immediately felt as he guides and supports each of the creative leads in the department.”
A 20-year creative with agency, brand, and freelance experience, Wassom has forged a creative approach which focuses on crafting engaging connections rather than simply make ads. He sees the need for advertising to mean more, not simply do more.
The Many believes that true business growth is made possible by harnessing the power of participation and partners with brands to forge deeper connections with consumers, cultivate trust and loyalty, and maximize marketing spend and execution. The agency is built around a flexible model that offers a suite of capabilities, including... Read More