Stefan Jentzsch steps down from Adidas supervisory board
Adidas has announced that Stefan Jentzsch is leaving its supervisory board after ten years at the company. Jentzsch announced his decision at the sportswear giant’s supervisory board meeting on Tuesday and will leave his post on 9 May.
The finance advisor has been a member of the brand’s supervisory board since November 2007. There, he represented the interests of shareholders. He previously sat on the board of Hypovereinsbank and is a partner of Goldmann Sachs and PWP.
Adidas’ supervisory board and executive board thanked Jentzsch for his valuable contribution to the company and the many years of service and dedication.
Frank Appel, CEO of Deutsche Post DHL Group, will be proposed as his successor at the brand’s 2018 Annual General Meeting. If elected, Appel will serve until 9 May 2019.
Adidas is amid a fierce competition with Nike to dominate the US footwear market. CEO Kasper Rosted was upbeat when he gave an update in February.
“2017 was a very, very good year for us," he said in a conference in Düsseldorf. “In terms of sales, we were able to achieve more than 20 billion euros,” he added. However, the exact extent of the company’s performance will be revealed next week. Analysts, on average, expect sales of 21.3 billion euros, according to Bloomberg.
Adjusted for currency effects, the company is expecting to see a sales increase of 17% to 19%.
Net income from continuing operations is forecasted to rise by 26% to 28%, with net earnings reaching 1.4 billion euros.
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