German sportswear giant Adidas announced a significant restructuring of its top-tier leadership on Wednesday, nominating board member and Egyptian billionaire Nassef Sawiris as its next Chairman.
Sawiris is set to succeed Thomas Rabe, marking a pivotal shift in the company’s corporate governance.
The supervisory board confirmed it has extended the contract of Chief Executive Officer Bjørn Gulden until the end of 2030.
Gulden, who assumed the role at the start of 2023, has been credited with spearheading a high-stakes brand turnaround following several years of logistical and reputational challenges.
The extension signals the board’s confidence in Gulden’s long-term vision for the “Three Stripes” brand.
The transition follows a period of mounting pressure from institutional investors regarding Thomas Rabe’s leadership.
Rabe faced significant opposition during the last two Annual General Meetings; last year, he secured only 64 percent of the shareholder vote for his re-election.
Investors primarily expressed concerns over “overboarding,” arguing that Rabe’s concurrent executive roles at other major corporations prevented him from dedicating sufficient focus to Adidas’s recovery.
Analysts view the nomination of Sawiris—already a major shareholder and board mainstay—as a strategic move to appease investors and consolidate the company’s focus.
The Egyptian billionaire has served as a member of the Board of Directors since 2016. His election as Chairman is subject to a shareholder vote at the Adidas Annual General Meeting, scheduled for May 7.
Edited translation from Al-Masry Al-Youm
