Adidas Extend CEO Herbert Hainer’s Contract Until 2017

German sports apparel giants adidas have extended the contract of Chief Executive Herbert Hainer until 2017 and will work with him on a plan for the next generation.

Hainer has been in the position since March 2001 which makes him the longest serving boss in German blue-chip companies.

Igor Landau, Chairman of the adidas supervisory board said he was happy Hainer had extended his contract, which was due to end in 2015.

In an official statement Landau said: “Today’s decision gives us sufficient time to ensure a smooth transition at the helm of the Adidas Group and to optimally facilitate the process of succession for the company.

“We will continue to pursue the generation change which has already been initiated within the Group’s management team, thus preparing the company for the next era of success.”

Under Hainer’s leadership, Landau said the value of adidas had increased by five times.

In recent years adidas has announced major deals with the FIFA World Cup, Olympic Games, Bayern Munich and many other sports clubs, athletes and federations.

The appointment of a new CEO in 2017 will come in a reasonably quiet sporting year, in between the Rio 2016 Olympic Games and the 2018 World Cup in Russia.

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