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Why Adidas Stock Skyrocketed Today

TheMotleyFool

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Shares of Adidas (OTC: ADDYY) soared on news that the sportswear giant is in talks to make a Puma executive its next CEO, giving investors new hope for a turnaround.

The stock gained 25% on the report.

Confirming media reports, Adidas said that is in talks to make outgoing Puma CEO Bjorn Gulden its next chief executive. The company had said in August that current CEO Kasper Rorsted would step down next year, ahead of the 2026 end of his contract, coming as Adidas has struggled, faced weak sales, controversy over its relationship with Kanye West, and poor performance in China.

Source Fool.com

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