Adidas proposes Nassef Sawiris as chairman

Adidas AG has proposed board member Nassef Sawiris as its new chairman, replacing Thomas Rabe, the sportswear company announced Wednesday.

The move comes as Adidas also extended CEO Bjorn Gulden’s contract through the end of 2030, signaling continued support for the executive credited with leading the brand’s turnaround since early 2023, News.Az reports, citing Reuters.

Sawiris, an Egyptian billionaire and long-time board member since 2016, will take over the role subject to shareholder approval at Adidas’ annual general meeting on May 7.

The leadership change follows growing shareholder discontent with Rabe. At the company’s last two annual meetings, investor backing weakened significantly, with only 64% supporting his reelection last year. Some shareholders argued that Rabe was not sufficiently focused on Adidas due to his other executive commitments.

By extending Gulden’s contract, Adidas is aiming to maintain stability as it continues rebuilding momentum after recent business challenges.

The announcement underscores the company’s effort to strengthen governance while maintaining strategic continuity.

News.Az 

By Aysel Mammadzada