Adidas in search of a new CEO

German sportswear giant Adidas is reportedly in search for a new Chief Executive Officer. The shares are up more than 6.2 percent on Xetra.

CEO Herbert Hainer, who has been serving the company since 2001, got his tenure extended to 2017. However, the investors were not happy with the company's performance, especially in comparison with its rival Nike.

In a letter published on its house magazine, Hainer said the board has started a search for his succession. He added that it is a long process.

Adidas has reported higher results for fiscal 2014 and announced its decision to sell Rockport business for 280 million dollars in January. (dpa-AFX)