Thomas Rabe, Chairman of Adidas, has been re-elected for another year

A majority of Adidas shareholders’ have endorsed the re-election of chairman Thomas Rabe during the company’s annual general meeting (AGM), extending his term and marking his fifth consecutive year in the position. The German sportswear giant intends to name a successor for Rabe in 2025.

In April, Institutional Shareholder Services (ISS), a prominent proxy advisory firm, advised investors to oppose Rabe’s reappointment, citing concerns about his involvement in multiple roles at other companies.

Adidas stated that Rabe’s reappointment aims to ensure a seamless transition in chairmanship, a position he has held since 2020. Rabe also serves as the CEO of German broadcaster RTL Group and the CEO of media conglomerate Bertelsmann.

Rabe emphasised the significance of succession planning for both the Supervisory Board and his role as Chairman in a letter addressed to shareholders before the AGM.

Additionally, Adidas’ executive compensation package received approval in the shareholder vote, although Norway’s sovereign wealth fund, the fifth-largest shareholder in Adidas, voted against it for the second consecutive year.