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Bjørn to Run

Adidas C.E.O. Bjørn Gulden helped the company recover from its post-Yeezy malaise. But recent executive departures and slower sales growth evidence a less rosy future for the second-largest player in sportswear.

Björn Gulden
Gulden’s early moves to cull what he referred to as “lame ducks” in the organization now look less promising. Photo: Daniel Karmann/picture alliance/Getty Images
Malique Morris
April 28, 2026

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When Bjørn Gulden stepped in to replace Kasper Rørsted as C.E.O. of Adidas, in 2023, the company was badly in need of some turnaround artistry. At the time, Adidas was sitting on more than $1 billion of unsold Yeezy inventory—the detritus of a once lucrative partnership that had exploded amid Ye’s racist and antisemitic public breakdown. The company’s stock was down more than 50 percent from its recent highs, and new competitors were rushing the field. Gulden, a former professional footballer who’d served as C.E.O. of Puma and Pandora, was under immediate pressure to get Adidas back on track.