Chief Executive Officer (CEO), adidas AG
Bjørn Gulden CEO of Adidas | Podcast | In Good Company | Norges Bank Investment Management
Bjørn Gulden CEO of Adidas: Shoes, Leadership, and Fast Decisions.
The Norwegian former football player Bjørn Gulden share unique insight into how it was to leave Puma for the main competitor Adidas. He also explains his plan to rebuild Adidas, the relationship with Kanye West and why he makes quick decisions.
In this episode, Bjorn Gulden, share his insights and experiences with Nicolai Tangen, CEO of Norges Bank Investment Management.
The podcast In Good Company is part of Norges Bank Investment Management , a podcast about our investments. We are transparent about how the fund is invest...
About Bjorn Gulden
Bjørn Gulden, CEO of Adidas, stated in a June 2025 interview that the China market is "extremely important" for the company, citing its population, economic growth, and growing middle class. He described dialogue with Chinese authorities as "very good" and said he feels the commitment from both the company and Chinese officials is "very strong" and "more open than ever." Gulden noted that he has visited China three times since becoming CEO 18 months ago and has been traveling to the country since 1993. In a 2023 podcast, Gulden discussed the company's challenges, stating that Adidas was "slow in reacting" to changes including the COVID-19 pandemic, the downturn in China, the war in Russia, and an aggressive direct-to-consumer strategy. He also commented on the company's split with Kanye West, describing West as "one of the most creative people in the world" who made "some statements which wasn't that good." Gulden said he did not think West is "a bad person" but that his statements "came across that way."
Transcript (72 segments)
I
Interviewer0:00
Beyond great to have you on a really really fantastic. Not so many international Norwegian CEOs, so really great. Now you guys make like 400 million pair of shoes here. What do you wear today? Which ones have you gone? I have Samba Samba. Would you mind just taking it off and we can have a look at it?
B
Bjorn Gulden0:26
But only the shoes. I don't take any, all of the rest. She's so fun. We'll start with the shoes.
I
Interviewer0:33
Why so why do you wear Samba?
B
Bjorn Gulden0:37
It's a trend now, but Samba is actually the coolest shoe in the marketplace now. It's an old shoe that came out of soccer football, and over the last six months it's developed to be probably the hottest shoe around the world. Demand is much bigger than supply. I'm an old guy trying to get young, so I dress like the kids do. That's why I'm wearing the Samba. It doesn't quite work so well for me.
I
Interviewer1:05
But so when you look at a shoe, what do you look at? What makes a good shoe?
B
Bjorn Gulden1:11
Well, that depends on what it's for. If it's a performance shoe, I have to wear it and test it. On the fashion side, I follow trendsetters. For performance, I test a lot of shoes to see what fits me.
I
Interviewer1:36
So let's say you do a running shoe. What kind of things do you look at? What are you conscious about?
B
Bjorn Gulden1:45
As an old soccer player with an artificial knee, I need stability and cushioning. I look for a wide sole and extraordinary cushioning. For a fast 5k, I use a shoe with a carbon plate. It depends on what I'm using it for.
I
Interviewer2:24
Now you have a background as a professional athlete. Tell us about that journey.
B
Bjorn Gulden2:31
I was born with a father who was a national player in football and handball. I played both sports on the Premier League in Norway and youth national teams. I turned professional at 18 in Nuremberg, but got injured and had many surgeries, ending my career at 23. I then moved my skills from legs to head, started studying, and connected to the sports industry.
I
Interviewer3:16
But the best education you have is your team sport. What do you mean by that?
B
Bjorn Gulden3:24
Playing team sports, especially at the professional level, mirrors life. You play with people better and worse than you, people you like and don't like. You have to give your best for the team. That's the best lesson for my professional career. Real life experience is a thousand times better than theoretical education.
I
Interviewer4:16
Now you went from Puma to Adidas. How did that shift come about?
B
Bjorn Gulden4:33
I spent 10 years with Adidas in the 90s, so this is like coming home. After 10 years as CEO of Puma, I felt 15 would be too long. I decided to leave, and when Adidas approached me, I initially thought I had a non-compete, but checked and didn't. It was emotionally difficult but the right decision for everyone.
I
Interviewer5:39
Now you are only wearing Adidas clothes. What did you do with your Puma clothes?
B
Bjorn Gulden5:45
I have three sons, a wife, and extended family who only had Puma. We gave away 90% of the product to organizations and friends. Now my kids' friends come over wearing Puma, which I don't like, but I'm guilty.
I
Interviewer6:19
Tell us about the rivalry between Puma and Adidas.
B
Bjorn Gulden6:34
It started with the father, the Dassler family, in the 40s. The two brothers separated after WWII. Puma was founded in 48, Adidas in 49. They were fierce competitors, and this small town of Herzogenaurach became the birthplace of the professional sports industry. I've been the boss of both, which is a big thing and I'm proud of it.
I
Interviewer7:53
So do Adidas and Puma people go on different sides of the street?
B
Bjorn Gulden8:08
It used to be very split, with a river between them. Today it's different. Many people have partners working for the other brand. I'd rather see Puma succeed than an American company. We are friendly competitors, and many of us are friends.
I
Interviewer9:02
Adidas had difficult years before you took over. What happened?
B
Bjorn Gulden9:23
Adidas had a good run through 2019, but was slow to react to COVID, China's decline, the Russian war, and the shift to direct-to-consumer. The loss of Yeezy also hurt. They lost focus. My job is to bring back the old Adidas DNA: being the best sports brand, combining performance and street culture, focusing on product and the consumer. We're on the right track and I'm optimistic.
I
Interviewer10:48
What's the first thing you do when you take over a company?
B
Bjorn Gulden10:53
It's a people business. After looking at numbers, you must identify key people to trust, form a team, and tackle issues together. My biggest role is HR—working with people is the most important thing.
I
Interviewer11:46
What's the key to build a strong sports brand?
B
Bjorn Gulden11:52
You need the right performance products with the best technology. Athletes and teams give you exposure. To make money, translate that into lifestyle. Connect with street culture, influencers, and young people. You have to be visible and close to consumer demand, and combine performance and lifestyle.
I
Interviewer13:26
How do you pick ambassadors and athletes?
B
Bjorn Gulden13:32
I follow the advice of people in the markets. Pick the best athletes with personality. For influencers, find who has impact locally. Listen to your people and consumers. You can't decide what's relevant; you pick up trends and commercialize them. Big names can be risky.
I
Interviewer14:29
So what happened with Kanye West?
B
Bjorn Gulden14:36
Kanye is extremely creative and together we created the successful Yeezy line. He made statements that were not good, leading to breaking the contract. It's unfortunate, as he's not a bad person. It's part of business when working with third parties.
I
Interviewer15:31
What technological trends excite you in your industry?
B
Bjorn Gulden15:52
Lighter materials, carbon plates that make you run faster, sustainable materials. Digital tools like AI and e-commerce are also huge, but the core is materials and product innovation.
I
Interviewer16:59
How do you use AI?
B
Bjorn Gulden17:02
AI handles repetitive tasks like writing product text and optimizing marketing tools. It helps with decision making in product launches, but you must combine it with human intelligence. It's a tool to increase efficiency and reduce subjectivity.
I
Interviewer17:57
Why is speed becoming more important?
B
Bjorn Gulden18:07
Because changes happen quickly—COVID, supply chain crisis, market shutdowns. Speed and flexibility are crucial. When reality surpasses your plan, your plan is irrelevant. You need people and processes that can make decisions based on facts and intuition.
I
Interviewer19:09
How do you increase speed in an organization?
B
Bjorn Gulden19:15
Decentralize. Markets differ, so a locally focused matrix works better than a hierarchical central organization. Give people tools and the confidence to make decisions. People are even more important with all the tools. I see the organization as organic and matrix-based.
I
Interviewer20:40
Isn't that at odds with German corporate culture?
B
Bjorn Gulden20:57
We are a global company with roots in Germany. We have 120 nationalities on campus and operate in 160 countries. Our headquarters are in Germany, LA, Portland, and Shanghai. We are not a typical German company.
I
Interviewer21:28
Do you make fast decisions? Are you too fast?
B
Bjorn Gulden21:35
Yes. The advantage is speed when you have the right people. The risk is making people uncertain. I'd rather have a decision made than wait. I hate ending a meeting with another meeting.
I
Interviewer22:37
You are very honest and transparent. Why is that important?
B
Bjorn Gulden22:58
It's personality and experience. I've made many mistakes. I have the confidence to be myself. I don't need to act differently. That's why I never get burned out. I treat everyone the same.
I
Interviewer24:13
Is there a link between learning from mistakes and sports?
B
Bjorn Gulden24:20
Yes. I love hiring ex-athletes because they handle pressure and competition, which is important in our industry.
I
Interviewer24:53
Elaborate on burnouts and pretending.
B
Bjorn Gulden25:02
Acting like someone you're not costs a lot of energy. Many people burn out from that. If you can be yourself, you save energy. This job is a lifestyle; I'm CEO 24/7. If I couldn't be myself, I'd quit.
I
Interviewer26:20
You shared your phone number with all employees. How many people?
B
Bjorn Gulden26:31
Sixty thousand.
I
Interviewer26:38
How many calls do you get?
B
Bjorn Gulden26:42
A couple of hundred direct messages a week. I respond or address topics in town halls. I do monthly town halls for all employees. It gives people direct access to leadership.
I
Interviewer27:55
When do you feel in the flow?
B
Bjorn Gulden28:02
24/7. Being CEO of Adidas is amazing. I just came from Sydney winning the Women's World Cup, and now off to Budapest to see Karsten Warholm. I'm in the middle of sport, street culture, fashion. I don't think there's a better job.
I
Interviewer28:46
I think I have a better job. But when you have fun it's not a job.
B
Bjorn Gulden28:56
We got here by doing things we love. Athletes can't put in 10,000 hours without loving it. If you don't like your job, do something else.
I
Interviewer29:54
You like skiing. You had an accident?
B
Bjorn Gulden30:01
Yeah, I crashed in Verena and broke my shoulder.
I
Interviewer30:05
What is your attitude to risk?
B
Bjorn Gulden30:08
Personal risk: high. Business risk: average. I manage public money, so I'm more cautious with company bets.
I
Interviewer30:40
What do you read?
B
Bjorn Gulden30:43
Very little. I'm not calm enough for books. I learn from people and travel. I follow industry news and sports.
I
Interviewer31:21
I appreciate your time.
B
Bjorn Gulden31:25
It's a dialogue. I get distracted easily, so I don't read books.
I
Interviewer31:37
What do you watch?
B
Bjorn Gulden31:40
News and sports, nothing else.
I
Interviewer31:44
What book advice do you have?
B
Bjorn Gulden31:52
Learn accounting. It's the foundation for understanding business. Also, Philip Kotler's four Ps of marketing are still relevant.
I
Interviewer32:46
That's the first time I've heard accounting as advice.
B
Bjorn Gulden32:52
Understanding the balance sheet and P&L helps you see consequences. People often get manipulated by finance. I learned it well, so it helps me.
I
Interviewer33:27
Bjorn, it's been tremendous. We look forward to tracking your progress. Thanks for being on the broadcast.
B
Bjorn Gulden33:40
Take care.