Adidas Nominates Egyptian Billionaire "Nassef Sawiris" as Chairman

Adidas announced on Wednesday that it has nominated Egyptian billionaire Nassef Sawiris to become the company’s next chairman of the supervisory board, succeeding Thomas Rabe.

The nomination will be put to shareholders for approval at the company’s annual general meeting scheduled for May 7.

Sawiris, one of Adidas’s long-standing board members, has served on the supervisory board since 2016. His potential appointment comes amid increasing shareholder scrutiny of Rabe’s leadership during recent annual meetings.

At the last shareholder vote, only 64% of investors supported Rabe’s re-election, reflecting concerns among some shareholders that he had not dedicated sufficient focus to Adidas due to his other executive roles.

In a separate announcement, Adidas said it had extended the contract of Chief Executive Officer Bjørn Gulden through the end of 2030.

Gulden, who took the helm in early 2023, has been leading a broad turnaround strategy aimed at revitalizing the brand and restoring growth after a challenging period for the German sportswear giant.

Since assuming the CEO role, Gulden has overseen efforts to restructure Adidas’s operations, strengthen its core product lines, and rebuild investor confidence, moves that have been closely watched by markets and shareholders alike.

If approved, Sawiris’s appointment would place one of the world’s most prominent investors and the richest member of Egypt’s Sawiris family business dynasty at the helm of the company’s supervisory board, marking a notable moment for global representation within the leadership of the iconic sportswear brand.