Adidas is bringing back alum Birgit Kretschmer to take over as chief financial officer, the company announced Thursday. Kretschmer will replace Harm Ohlmeyer, who is stepping down after holding the role since 2017, and join the executive board in September. The change is effective at the end of the year.
Internal Candidate Takes the Reins
Kretschmer’s appointment signals a return to an internal candidate for the top finance job. She most recently served as CFO of the vertical retailer C&A, where she spent six years. Before that, she spent over two decades with the sportswear giant in a variety of senior finance roles, including CFO of adidas Internal BV and CFO of Western Europe.
Adidas CEO Bjørn Gulden highlighted Ohlmeyer’s legacy during his tenure. He credited the outgoing CFO with building up the company’s e-commerce business and managing the sale of the TaylorMade golf and Reebok sportswear divisions. Gulden said Kretschmer’s experience made her the right choice for the future.
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“Having worked 25 years with adidas before and now six years as the CFO at C&A makes her the perfect CFO for the future,” Gulden said in a statement.
Investors React to Stability
Adidas shares fell roughly 11.5% on the day of the announcement, reflecting investor reaction to the leadership shuffle. The stock dip comes alongside the company’s second-quarter earnings report. The company reported an operating profit of €574 million ($662 million), which represents a 5% increase year-over-year. Net income from continuing operations also rose 6% to €398 million.
Despite the financial gains, the earnings were impacted by aggressive spending on marketing for the FIFA World Cup. This spending appears to have concerned investors. David Swartz, a senior equity analyst at Morningstar, noted that while the company benefited from the World Cup, the investment was costly and may not translate into significant footwear sales.
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Shawn Cole, president and co-founder of Cowen Partners Executive Search, suggested the stock drop might be due to investor disappointment. He believes the appointment communicates stability and familiarity rather than the signal of change some growth-oriented investors may have been looking for.
It is increasingly common for companies to bring back veterans to serve in senior roles as the leadership pipeline is under pressure amid a shrinking pool of qualified successors. Cole expects this trend to continue as a wave of executive retirements peaks between 2029 and 2034.
As the pool of proven lateral CFO talent contracts, companies will increasingly turn to former executives. There are clear advantages to this approach. A returning executive already understands the business, culture, systems, and key stakeholders and can typically become effective more quickly than an external hire. The board also has direct evidence of how that person operates, rather than relying entirely on interviews, references, and reputation.
