Kasper Rorsted, chief executive of consumer goods group Henkel, will succeed Herbert Hainer as head of Adidas, the German sportswear giant announced today.
Rorsted, who is set to leave Henkel in April, will officially become Adidas chief executive on October 1, replacing the 61-year-old Hainer, who has headed the company since 2001.
As Rorsted will be able to assume his new office from this summer, Hainer has agreed to relinquish his Executive Board mandate as of September 30, prior to the expiry of his Executive Board service contract at the end of March 2017.
Danish-born Rorsted, 53, has headed up the German DAX company Henkel as chief executive since 2008.
He will join the Adidas as a member of the Executive Board on August 1 in order to ensure a smooth transition at the helm of the group together with Hainer.
Igor Landau, chairman of the Supervisory Board of Adidas, said: "Kasper Rorsted is the perfect candidate to succeed Herbert Hainer as chief executive of Adidas AG.
"He has extensive international management experience, having held positions with high-calibre companies such as Oracle, Compaq and Hewlett Packard.
"For eight years, Kasper Rorsted has very successfully headed up Henkel, a DAX company that just like the Adidas Group is known for its growth, internationality and sustainability.
"Kasper Rorsted is a passionate runner, skier and football fan.
"Therefore I am convinced that, together with the top management of the Adidas Group, he will continue the company's dynamic growth strategy and lead the Adidas Group to new successes.
"The Supervisory Board looks forward to successfully working with Kasper Rorsted and the entire Adidas AG Executive Board."
Landau also thanked Hainer.
"Herbert Hainer has done a tremendous job for the Adidas Group," he said.
"Under his leadership, Adidas Group sales have tripled, net income and the number of employees have quadrupled, and the value of the company has increased from €3 billion (£2.3 billion/$3.3 billion) to €18 billion (£13.8 billion/$19.6 billion).
"Yet it is not only the financial metrics that are notable; under Herbert Hainer, the Adidas Group has become one of the most sustainable corporations in Europe and one of the world's most attractive employers.
"For these outstanding achievements, he already today deserves the heartfelt gratitude of the Supervisory Board and all Adidas Group employees.
"I am pleased that Herbert Hainer will continue this success story during his remaining term of office and that, together with his successor, he will ensure the best possible transition at the helm of Adidas AG."
Shares in Adidas have risen more than five per cent following today's announcement.
Adidas shares rose 5.4 per cent to €88.52 (£67.71/$96.47), while Henkel shares fell 3.4 per cent to €77.88 (£59.56/$84.86).
"The share price reaction speaks for itself," Ingo Speich, an Adidas shareholder, told Reuters.