Jim Stutts Promoted to Head of Region Asia Pacific
Mark King to Become CEO of TaylorMade-adidas Golf
Herzogenaurach, August 30, 2002 - Effective January 1, 2003 adidas-Salomon AG has appointed Jim Stutts (42), currently Chief Executive Officer of TaylorMade-adidas Golf, as Head of Region Asia Pacific for brand adidas. At the same time, he will become Chairman of the TaylorMade-adidas Golf Board of Directors. In his new position Jim Stutts will be responsible for adidas' fastest growing region as well as for overseeing the global 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.
Jim 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. As COO 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 Jim Stutts and his team successfully led a turnaround of the golf business that has positioned TaylorMade-adidas Golf as the leading performance golf brand in the world. From 1999 until 2001 TaylorMade-adidas Golf sales surged 67% to 545 million Euro.
Mark King (43), currently President of TaylorMade-adidas Golf, will extend his responsibilities and take over the position of CEO. He 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. Mark King will continue to report to Jim Stutts.
"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 a next level and secure an even stronger market position in the region," said Herbert Hainer, Chairman and CEO of adidas-Salomon. "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."