Bjørn Gulden

Bjørn Gulden became CEO of Adidas in January 2023, inheriting what was arguably the worst crisis in the company's 75-year history. The termination of the Yeezy partnership with Kanye West after his antisemitic remarks left Adidas with €1.2 billion in unsold Yeezy inventory and the first annual loss in decades. Gulden was the hand-picked choice of the board — poached directly from rival Puma, where he had spent nine years turning the brand from an also-ran into a cultural force. A Norwegian former professional footballer who played in Germany's Bundesliga, Gulden brings an authentically sport-rooted perspective to Adidas. His turnaround strategy has been deliberately simple: reconnect with sport, rebuild the product pipeline with fresh designs beyond Yeezy dependence, repair wholesale relationships that deteriorated under the previous direct-to-consumer strategy, and restore profitability through disciplined cost management. The Yeezy liquidation itself became a surprising profit driver — Adidas sold remaining inventory at cost, generating revenue while donating a portion of proceeds to anti-hate organizations. Meanwhile, the Samba and Gazelle retro terrace shoes became cultural phenomena, driving organic demand that partially offset the Yeezy gap. Gulden's instinct for product trends, honed at Puma, proved decisive. The structural challenge remains significant: Nike dominates with 3x the revenue, and the Chinese market — once a major growth engine — has shifted toward domestic brands like Anta and Li Ning. Gulden must prove that his grassroots, product-first approach can deliver sustained profitable growth beyond the initial post-crisis rebound.