March 4 (Reuters) - Adidas is proposing board member Nassef Sawiris as its new chairman, taking over from Thomas Rabe, the sportswear company said on Wednesday. The company also said it extended its
Adidas proposes Nassef Sawiris as new chairman and extends CEO contract to 2030
Leadership Changes and Strategic Decisions at Adidas
Proposal of Nassef Sawiris as New Chairman
March 4 (Reuters) - Adidas is proposing board member Nassef Sawiris as its new chairman, taking over from Thomas Rabe, the sportswear company said on Wednesday.
Extension of CEO Bjorn Gulden's Contract
Adidas has also extended to the end of 2030 the contract of CEO Bjorn Gulden, who has led a turnaround at the brand since the start of 2023.
Shareholder Sentiment and Board Dynamics
Shareholder Revolt Over Thomas Rabe
The sportswear company has faced shareholder revolt over Rabe at its last two annual general meetings, with just 64% supporting his reelection last year as many investors said he was not sufficiently focused on Adidas due to other executive roles.
Background of Nassef Sawiris
Egyptian billionaire Sawiris has been on the board since 2016. His election as chairman will be subject to a vote at Adidas' annual general meeting on May 7.
Reporting and Editorial Credits
(Reporting by Linda Pasquini and Helen Reid; Editing by Muralikumar Anantharaman)
