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Adidas chief vows to stay on as sales improve

Chief executive of Adidas Herbert Hainer has vowed to remain at the helm of the sportswear company despite criticism that it is losing ground to US rival Nike.

Hainer, who has been boss of the German business since 2001, had his contract extended until 2017 last year to allow the company to work on a succession plan, but some investors have suggested a change at the top should come sooner.

Hainer told German newspaper Süddeutsche Zeitung he had made mistakes, such as rolling out too many new golf products when the market was shrinking, but he would remain in his role.

“If I no longer had the ambition and the energy, and the firm belief that I can bring the company further forward, then I would stop immediately.”

Last week Adidas reported a better-than-expected rise in 2014 sales as it announced the sale of its Rockport shoe brand.

Helped by the 2014 Fifa World Cup, soccer sales reached a record €2.1bn (£1.5 billion), ahead of his £1.3bn target.

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