Vienna The former Adidas boss Kasper Rorsted is realigning his career: As has now become known, the 61-year-old Dane will be chairman of the advisory board at the Austrian children’s bicycle manufacturer Woom. In addition, he continues to be a member of the supervisory board at Siemens and the shipping company Maersk. However, he is no longer aiming for a CEO post.
In August 2022, Rorsted had to resign as CEO of the sporting goods giant Adidas despite an ongoing contract. He spent the following winter skiing, says Rorsted in an interview with the Handelsblatt. But that’s not a fulfilling job for a manager who has managed two major German corporations for 14 years: Rorsted was not only head of Adidas, but also headed consumer goods manufacturer Henkel from 2008 to 2016.
Rorsted plans to be present every third week in Klosterneuburg near Vienna, where Woom’s headquarters are located. He wants to reduce his workload compared to before. “I’m aiming for the four-day week,” said the manager.
Rorsted was once criticized for collecting too many items. When he ran Adidas, he not only sat on the supervisory board at Siemens, but also on the board of directors at Nestlé in Switzerland. Many investors no longer like it when managers collect mandates and there is a risk that they will neglect one of their tasks.
The bicycle manufacturer Woom has just turned ten years old. The company is no longer a start-up, but it is not yet a mature company either. In 2022, Woom produced 400,000 bicycles and surpassed the sales threshold of 100 million euros.
The founders Marcus Ihlenfeld and Christian Bezdeka withdrew from operational management around a year ago and, like Rorsted, are now on the advisory board. Apparently, the two entrepreneurs know that founding a start-up and internationalizing the business are two different tasks that require different skills.
>> Read here: Bicycle manufacturer Woom wants to produce in Europe again – but encounters problems
Rorsted will support Woom in further digitizing the business and driving growth. “I know how to scale a company,” Rorsted said. In addition, the manager should be a sparring partner for Woom boss Paul Fattinger. “It can be lonely at the top,” Rorsted said. “That’s why it’s important to have someone to talk to about things.”
Neither Rorsted nor the other Advisory Board members have any formal rights or obligations. Like many unlisted companies in Austria, Woom is a GmbH and therefore does not have to set up a supervisory board.
Woom already has high market shares in Austria and Germany. This success is to 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 present in China, said Rorsted. “But to be successful, you have to be locally relevant and the product has to appeal to Chinese tastes.”
Rorsted will support Woom in further digitizing the business and driving growth.
(Photo: Woom Bikes)
Problems in the China business were one reason why Rorsted had to leave Adidas. The consumers there were not understood well enough, he said in an interview with the Handelsblatt shortly before his replacement.
Other problems arose, so that the operating profit in 2022 fell by 66 percent compared to the previous year. Rorsted was accused of focusing too much on short-term margin optimization while neglecting innovation.
>> Read here: “Online growth has its limits”: sports retail is making a comeback
In addition, Adidas had an image problem. The company had successfully developed shoes with rapper Kanye West for years. However, the company had to part with the musician after he attracted negative attention with anti-Semitic statements. All of these were reasons for the Adidas supervisory board to try a new start with Björn Gulden as CEO.
Meanwhile, Rorsted was able to rely on his network. Woom’s investors include the Bregal Group, an investment company owned by the Brenninkmeijers, the family that owns clothing retailer C&A. Contact with Rorsted came about through the board of directors of another large German company.
More: Reluctance to buy is now also affecting the bicycle industry – Rose Bikes is lowering prices