Herbert Hainer is out. Kasper Rorsted is in.

The Wall Street Journal is reporting that adidas has officially announced a change in leadership as it has tabbed Henkel AG Chief Executive Kasper Rorsted to be its new CEO. Rorsted replaces Herbert Hainer whose contract was due to run its course at the end of March 2017. In February, adidas made it known that it was actively looking to replace Hainer, whom investors had grown weary of, and today's announcement confirmed an earlier report that stated the brand was in talks with Rorsted to take the helm. News of Rorsted's appointment sent adidas stock surging as it ended the day up 11 percent.

Rorsted is slated to become an adidas board member this August and its CEO come October. After a successful run at Henkel, Rorsted now faces the challenge of regaining the market share adidas has lost to both Nike and Under Armour while trying to improve on the brand's disappointing performance in North America and Russia.

For a complete report of adidas' leadership change, head over to the Wall Street Journal.