Adidas appointed Bjørn Gulden, the CEO of rival company Puma, as its new CEO and he will take over the management of the German sportswear brand in January as the company overcomes the repercussions of its split from the rapper formerly known as Kanye West.

Gulden will replace Kasper Rørsted, the CEO of Adidas since 2016, who announced his departure in August. Adidas said at the time that Rørsted would hand over his position during the next year but said on Tuesday that he and the supervisory board "mutually agreed" that he would step down and leave the company on Friday.

Chief Financial Officer Harm Ohlmeyer will lead Adidas until the end of the year. He is temporarily heading the company after it ended its partnership with Yeezy late last month amid rising outrage over the rapper's offensive and anti-Semitic comments.