Adidas’s New CEO Shows Good Form

Adidas’s new chief executive officer, Bjørn Gulden, can’t quite hit the ground running yet, but his first move—setting a low bar—is turning out to be a pretty solid strategy for the company’s stock.

These are still early days for the new CEO, who joined in January after the company suffered some major injuries: The fallout with Chinese consumers in 2021 from a dust-up over Xinjiang forced-labor allegations, and then a breakup with Kanye West last year. Mr. Gulden called 2023 a year of transition before the company can hit its stride again. One key goal is to reduce inventories—especially the piles of Yeezy products that Adidas has left over from its terminated partnership with Mr. West—and to lower discounts.