Adidas AG appointed Kasper Rorsted as chief executive officer to succeed Herbert Hainer,charging the head of Dial soap maker Henkel AG & Co. with restoring growth to the German sportswear company.

Rorsted, 53, will join the Adidas board on Aug. 1 and take over as CEO two months later, the Herzogenaurach, Germany-based company said Monday. Like Hainer, he is stepping down early from his role, sending Adidas shares soaring and Henkel slumping.

"This is a significant positive for Adidas and the investment case," Graham Renwick, an analyst at Exane BNP Paribas, said in a note, describing Rorsted as "a perfect fit."

To read entire story, please click: http://www.bloomberg.com/news/articles/2016-01-18/adidas-appoints-henkel-s-kasper-rorsted-to-succeed-hainer-as-ceo