Corporate Governance at Adidas-Salomon
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Case Code: CGOX010 Case Length: 11 Pages Period: 2002-2004 Pub Date: 2004 Teaching Note: Not Available |
Price: Rs.300 Organization: Adidas-Salomon Industry: Sporting Goods Countries: USA Themes: - |
Abstract Case Intro 1 Excerpts
Introduction
Adidas-Salomon (adidas) was famous for its athletic shoes - tennis, running, and basketball. adidas also offered apparel and other jock-type accessories. The #2 maker of sporting goods worldwide, behind NIKE, adidas had sponsorship deals with popular US football and basketball stars, as well as the New York Yankees. Its purchase of Salomon, the French maker of ski and golf gear, steered the company into the equipment arena. In 2002, adidas reported revenue of $6,837.2 million and a net income of $239.6 million. In early 2003, adidas was delisted from the Paris Euronext SA Stock exchange due to low trading volume. The company remained listed on the Frankfurt Stock Exchange.
Later that year, top sales executive Timothy McCool admitted to cooking the books for adidas. He reported to auditors that the company owed $2.2 million to footwear retailer 'Just For Feet', when the actual number was less than $50,000....
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