STORY: The company terminated its partnership with Kanye West on Tuesday (October 26), responding to the rapper's anitsemitic remarks.
Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month.
"There is potential that could cause long-term damage to the Adidas brand," Steward said.
She added that the brand will have to make amends with the Jewish community and work hard to distance itself from Kanye.
"Yeezy and Adidas have been so tight for the past decade. They're synonymous with each other and his name is possibly synonymous with the Adidas brand," she said.
For Adidas, ending the partnership and the production of Yeezy branded products, as well as stopping all payments to Ye and his companies, will have a "short-term negative impact" of up to 250 million euros ($248.90 million) on net income this year, the company said.
Forbes magazine said the end of the deal meant Ye's net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion.
Representatives for Ye, formerly known as Kanye West, did not immediately respond to a request for comment.