Adidas shares shoot up more than 10% on change in CEO

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Frankfurt (AFP)

Adidas shares sped ahead by more than 10 percent on the Frankfurt stock exchange on Monday after the German maker of sportswear and equipment announced its chief executive Herbert Hainer would be leaving early and replaced by Henkel CEO Kaspar Rorsted.

Adidas shares were the biggest gainers on the blue-chip DAX 30 index, shooting up 10.31 percent to 92.67 euros shortly after midday, after the company said that Rorsted would take over from Hainer in October this year.

"Kasper Rorsted, 53, currently chief executive officer of Henkel, is to succeed Herbert Hainer, 61, as CEO of Adidas," the sports shoe maker said in a statement.

"It's very positive. (Rorsted) is some who did a very good job at the helm of Henkel," said Cedric Rossi, stock analyst at Bryan Garnier.

Henkel, the maker of consumer chemicals such as Persil washing powder, Loctite glue and Schwarzkopf shampoo, said that Rorsted, in charge since 2008, would be stepping down at the end of April.