Adidas global sales exec to step down from board at end of October

BERLIN (Reuters) – Adidas (OTC:ADDYY)’ board member for global sales, Arthur Hoeld, will step down from the German sportswear company’s executive board at the end of October, it said in a statement on Friday.

Adidas’ supervisory board and Hoeld mutually agreed on the early termination of his appointment after Hoeld said he would not extend his mandate beyond March 31, 2026.

Mathieu Sidokpohou, currently managing director for Europe, will succeed Hoeld effective Nov. 1.

“Mathieu has exactly the experience and the attitude that we need at this point of our turnaround to continue the momentum and further grow our business together with our partners,” Adidas CEO Bjorn Gulden said in a statement.