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Adidas names Kasper Rorsted as new CEO

Shares in Adidas have risen more than 5 percent after the German sportswear firm named its new chief executive.

Kaspar Rorsted, who Adidas called the "perfect candidate", will take over on 1 October. He is currently the boss of Henkel, whose brands include Persil detergent and Schwarzkopf shampoo.

He replaces Herbert Hainer, who has more than doubled revenue in 15 years in charge but has struggled to keep up with US rival Nike.