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Adidas North America president Mark King speaking to investors. Photo: Adam Pretty/Getty Images

Adidas North America president Mark King is stepping down from his post on July 1 after four years in the position in a "seamless transition," the company announced Tuesday.

The big picture: As ESPN's Darren Rovell notes, Adidas grew by 35% in the North American market in 2017, surpassing Under Armour to become the United States' second-largest athletic retailer. According to the WSJ's Sara Germano, King's departure "has nothing to do" with Adidas' role in the ongoing college basketball corruption scandal.

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The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after sheltering with maskless colleagues during last week's deadly Capitol riot. But he did not specify whether his diagnosis was connected to the siege.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.