By Natalia Drozdiak 

FRANKFURT-- Adidas AG said Thursday it had begun a search to replace longtime Chief Executive Herbert Hainer, who has led the company through years of success but recently struggled to meet profit targets, sparking investor pressure for change at the top.

Mr. Hainer has presided over the world's No. 2 sportswear maker, behind Nike Inc., since 2001. His contract was extended last year until March 2017, and the company at the time said the move was to allow time to find a successor.

But Thursday's announcement about the CEO search, contained in a letter to employees, was the first time the company had provided detail about the search.

In late morning trading, Adidas shares were up 6.2%.

Over the past year, Adidas has been hit by headwinds, including disappointing sales at its golf unit, and in its two biggest markets: the U.S. and Russia. Shares fell roughly 40% last year following three profit warnings in 10 months. Though shares have recovered somewhat this year, big shareholders have been pressuring Adidas for management changes.

In the letter to employees, Mr. Hainer said Adidas will present a five-year strategic plan in March. The presentation has been scheduled since last year. He also said the company was looking at internal and external candidates to replace him.

Mr. Hainer said in the letter the company has had a successful start to the year after efforts in recent weeks and months to strengthen the brand and realign the company.

Adidas last month sold its Rockport unit for $280 million to a new entity formed by Berkshire Partners and New Balance, in a planned move that allows Adidas to focus more on sporting goods. The company also said it met a reduced profit target for last year of roughly $650 million.

Adidas has also shuffled managers and announced a new push in the U.S. over recent months.

"I am very conscious that all these changes weren't always easy and weren't always fun to implement, also because a lot of external criticism was brought on the company," Mr. Hainer said.

Write to Natalia Drozdiak at natalia.drozdiak@wsj.com

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