A Kasper Rorsted has been announced by Adidas AG as the new CEO of Adidas; he will replace Herbert Hainer. Rorsted will join the Adidas board on the 1st of August, 2016, and will become the CEO on the 1st of October, 2016. Herbert Hainer has been Adidas' longest serving CEO, but has come under criticism from major shareholders for a lack of profitability and failing to meet sales projections. The margin of profit that Adidas keeps after production costs has in recent years been around 6-8%; which is half of Nike's, who have a margin of profit of 13-15% in recent years. Nike are Adidas' main competitor: Nike are the world's most successful sportswear brand and Adidas' are number two. Adidas' strongest sales come from Europe and Nike's come from North America. The problem for Adidas' - in recent years - is that their sales in North America are weakening and Nike's are growing; even though Herbert Hainer has managed Adidas' North American division. Kasper Rorsted will be leaving Henkel AG & Co to join Adidas AG; Rorsted has tripled the share price of Henkel over the past three years. Henkel AG are a German company who manufacture brands like Persil.