President of Adidas North America will step down from his role on July 1. King will be succeeded by general manager of Adidas North America Zion Armstrong. King, 59, has led the North America division of the German sneaker company since June 2014. An Adidas spokesperson said King is stepping down on good terms with the company. He will stay on as an adviser to Armstrong following the transition.

Armstrong has been with the company since 1998, when he joined Adidas New Zealand as a product manager for footwear. He then held executive titles at both the Adidas headquarters in Germany and in the Asia-Pacific region at Adidas South Korea. He moved to Portland in 2015, and has since been second-in-command to King as general manager of North America.

King was the PBJ's Executive of the Year in 2016 and was honored as one of the year's top executives in 2018. Armstrong will report directly to Adidas Executive Board member Roland Auschel, who is responsible for global sales.

Adidas is a global leader in the sporting goods industry with the core brands adidas and Reebok. Headquartered in Germany, the company employs around 57,000 people across the globe and generated sales of € 21 billion in 2017.