Bjorn Gulden

German sportswear giant adidas AG has hired Bjorn Gulden, head of rival Puma, as its new chief executive officer to succeed the departing Kasper Rorsted.

Gulden, who had served as senior vice president of apparel and accessories at adidas in the 1990s before joining Puma, takes up his new position effective January 1, 2023, on a five-year contract. The 57-year-old Norwegian, who has been Puma CEO since 2013, will also be joining the adidas executive board.