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.
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.
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.
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 by Linda Pasquini and Helen Reid; Editing by Muralikumar Anantharaman)
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