Adidas will replace its longtime chief financial officer with a returning company veteran by year's end, a boardroom shake-up that ripples from the German headquarters to the sportswear giant's North American base in Portland's Overlook neighborhood.

The company's supervisory board appointed Birgit Kretschmer to the executive board effective Tuesday, Sept. 1, according to an Adidas press release published July 30.

She will formally take over the CFO title from Harm Ohlmeyer at the end of 2026, after Ohlmeyer chose not to extend his mandate beyond its current term.

Ohlmeyer, 58, joined Adidas in 1998 and has served as CFO since May 2017. He also held the role of labor director with oversight of supply chain and technology. His exit removes the last senior executive holdover from the leadership team that preceded CEO Björn Gulden's arrival in January 2023.

For the roughly 2,000 employees at Adidas's Portland campus, no local job cuts or office changes have been announced in connection with the transition, Hoodline reported, citing the Portland Business Journal.

Kretschmer brings three decades of finance experience

Kretschmer spent 25 years at Adidas in senior finance roles, including CFO of Adidas International BV, CFO of Western Europe, and senior vice president of corporate and operations finance.

She left in 2020 and served as CFO of C&A, one of Europe's largest fashion retailers, for six years before agreeing to return.

"She knows the industry, she knows Adidas and she has added the knowledge of cost discipline working as the CFO of a vertical retailer like C&A," Gulden said in the announcement.

The emphasis on cost discipline matters right now. Adidas posted record second-quarter net sales of €6.7 billion on Thursday, July 30, a 14% increase in currency-neutral terms, according to Yahoo Finance. But operating profit of €574 million came in roughly €49 million below analyst expectations after the company spent €924 million on FIFA World Cup marketing. Adidas shares fell approximately 18% in Frankfurt trading on July 30, the steepest single-day decline since the company's 1995 IPO.

North America was a bright spot: revenue in the region grew 17% on a currency-neutral basis in Q2.

Portland's place in the athletic-wear cluster

Portland sits at the center of a regional cluster of athletic and outdoor gear headquarters that includes Nike, Columbia Sportswear, LaCrosse Footwear, and Dr. Martens. The Adidas campus in Overlook anchors the company's operations across the continent.

The CFO pick contrasts with crosstown rival Nike's recent move. Nike tapped Dave Denton, currently Pfizer's CFO, as its next finance chief, an outside hire signaling a different strategic direction, according to CFO Dive.

Shawn Cole, president of Cowen Partners Executive Search, told CFO Dive the Adidas appointment "appears to communicate stability and familiarity," adding that a returning executive "already understands the business, culture, systems, and key stakeholders."

Adidas raised its full-year 2026 revenue growth guidance to 9–10% on a currency-neutral basis and held its operating profit target at approximately €2.3 billion. The company said guidance excludes any benefit from potential U.S. tariff refunds, which it estimates could amount to $250–$300 million if recovered.

Kretschmer joins the executive board Sept. 1 and takes the CFO title when Ohlmeyer departs at year's end. As of Jan. 1, 2027, the board will consist of Gulden, Kretschmer, Michelle Robertson, and Mathieu Sidokpohou.