Adidas CEO Kasper Rørsted Rejects Shareholder Calls To Sell Reebok

Adidas CEO Kasper Rørsted "rejected calls from some shareholders on Thursday to sell the loss-making Reebok brand," saying that he was "confident that a restructuring plan would restore it to profitability," according to Emma Thomasson of REUTERS. He made the comments at adidas' annual meeting after two shareholders "asked how much more time the company would give the struggling brand." Rørsted said, "We are not going to sell Reebok because we are still very confident of the strategic position of the brand. We are convinced the measures we are taking are going to be successful." Rørsted, who took over as CEO in October, announced plans in November to "overhaul Reebok, making it independent of the core" adidas brand, "moving 650 staff to a new location in Boston, cutting 150 jobs and accelerating store closures" (REUTERS, 5/11).