Global Edition

Top management changes at TaylorMade adidas

12.02am 2nd September 2002 - People

adidas-Salomon AG has appointed Jim Stutts (42), currently chief executive officer of TaylorMade-adidas Golf, as head of region Asia Pacific for the adidas athletic brand. At the same time he will become chairman of TaylorMade-adidas Golf’s board of directors. Mark King, the brand’s current president, will take over from Stutts, assuming the role of CEO. These changes become effective on 1st January 2003,

In his new position, Stutts will be responsible for adidas’ fastest growing region as well as the global oversight of the TaylorMade-adidas Golf business. He will succeed Dieter Paschen (59), currently head of region Asia Pacific who will retire at the end of the year after 30 years with adidas.

“Asia is the fastest growing region for adidas-Salomon and plays a critical role in the success of the group. Jim will lead the adidas brand to the next level and secure an even stronger market position in the region,” said Herbert Hainer, chairman and CEO of adidas-Salomon AG. “TaylorMade-adidas Golf is also a vital part of our strong brand portfolio, and we are looking forward to supporting Mark in his new role.”

Stutts, who has 15 years of experience working with both the adidas and TaylorMade brands, served as chief operating officer of adidas America from 1996 to 1999. His responsibilities included sales and customer service, sourcing and distribution for both adidas America’s footwear and apparel divisions. In June 1999, he was appointed CEO of TaylorMade-adidas Golf. During his tenure, Stutts and his team successfully led a turnaround of the golf business. From 1999 until 2001, TaylorMade-adidas Golf sales surged 67% to nearly $500 million.

King (43) draws on a long experience at TaylorMade, starting 20 years ago as a sales representative. In 1999 he was named president of TaylorMade-adidas Golf where he has been both a vital and integral part of all the commercial success that the business has achieved. King will continue to report to Stutts.

“This has always been the plan since Mark returned to TaylorMade,” said Stutts. “The vision we shared for the brand was to reposition it, develop performance products, invest in human and commercial resources and substantially grow the top and bottom line of the company. We are definitely on track, and the transition will be seamless.”

TaylorMade Golf www.taylormadegolf.com

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