Reebok CEO steps aside

Reebok chief executive Paul Fireman will step aside now that the takeover of Reebok International by Adidas-Salomon has been completed. Fireman acquired the North America distribution rights to Reebok in 1979. Since then he has stepped down from his post several times, only to return to the brand each time to further expand it. On Tuesday, Adidas said that Fireman will remain as an advisor to the newly formed company.

Meanwhile Adidas chairman and chief executive Herbert Hainer will head up the combined company. Erich Stamminger, president and chief executive of the Adidas brand will report directly to him, as will Paul Harrington, president and chief executive of the Reebok brand, and Mark King, president and chief executive of Taylor-Made Adidas golf.

The newly formed company has sales of $11.8 billion (£6.63 billion), making it the second biggest athletic company after Nike.

www.adidas-salomon.com 1 February 2006