vienna Former Adidas boss Kasper Rorsted is refocusing his career: Dane, 61, is known to be chairman of the advisory board of Austrian children’s bike manufacturer Woom. In addition, he continues to serve as a member of the supervisory boards of Siemens and Maersk Line. However, he no longer intends to assume the CEO role.
In August 2022, Rosted had to step down as CEO of sporting goods giant Adidas, although the contract was still in place. Rosted told Handelsblatt that he had been skiing for the rest of the winter. But it was not a satisfying job for a manager who ran two of Germany’s largest companies for more than 14 years: Rosted was not only the head of Adidas, but also headed consumer goods maker Han from 2008 to 2016. High in charge.
Rorsted is scheduled to attend every three weeks in Klosterneuburg, near Vienna, where Woom is headquartered. He wants to work less than before. “My goal is to work four days a week,” says the manager.
Rosted has been criticized for collecting too many items. At the helm of Adidas, he was not only a member of the supervisory board of Siemens, but also a member of the board of directors of Nestlé in Switzerland. Many investors no longer like managers collecting tasks, and there is a risk they will overlook one of them.
Bike maker Woom just turned ten. The company is no longer a startup, but it is not yet a full-fledged company either. In 2022, Woom will produce 400,000 bicycles, breaking the sales threshold of 100 million euros.
About a year ago, founders Marcus Ihlenfeld and Christian Bezdeka retired from operations management and, like Rorsted, are now members of the advisory board. Clearly, the two entrepreneurs knew that launching a start-up and internationalizing a business were two different tasks requiring different skillsets.
>> Read here: Bike maker Woom wants to make in Europe again – but has problems
Rorsted will support Woom in further digitizing the business and driving growth. “I know how to scale a company,” Rostead said. Also, the manager should be a sparring partner for Woom owner Paul Fattinger. “It can be lonely at the top,” Roth said. “That’s why it’s important to have someone to talk about.”
Neither Rorsted nor the other Advisory Board members have any formal rights or obligations. Like many private companies in Austria, Woom is a limited liability company and therefore does not have to have a supervisory board.
Woom already has a high market share in Austria and Germany. This success will be repeated in other European countries. China, on the other hand, is not high on the strategic plan. As a company with global ambitions, you should be doing business in China, Rorsted said. “But to be successful, you have to be locally relevant and the product has to cater to Chinese tastes.”
Rorsted will support Woom in further digitizing the business and driving growth.
(Photo: Woom Bikes)
The problem with the Chinese business was one of the reasons Roth had to leave Adidas. In an interview with Handelsblatt shortly before succeeding him, he said the consumers there were not well informed.
Other issues arose, driving operating profit in 2022 down 66% from the previous year. Rorsted has been accused of focusing too much on short-term profit optimization at the expense of innovation.
>> Read here: ‘Online growth has limits’: sports retail makes comeback
In addition, Adidas also has an image problem. Over the years, the company has successfully developed shoes with rapper Kanye West. However, the company had to part ways with the musician after he drew negative attention for his anti-Semitic comments. All of this is why Adidas’ supervisory board is trying a fresh start with Björn Gulden as CEO.
At the same time, Roosevelt was able to rely on his network. Investors in Woom include Bregal Group, an investment firm owned by the Brenninkmeijers family that owns clothing retailer C&A. Rorsted was contacted through the board of directors of another large German company.
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