A majority of Adidas shareholders supported the re-election of Chairman Thomas Rabe at the company’s annual general meeting, extending his tenure for a fifth year, with a successor set to be appointed in 2025.
In April, the prominent proxy advisory firm Institutional Shareholder Services (ISS) had advised investors to vote against Rabe’s reappointment, citing concerns over his “excessive” number of roles at other companies.
Adidas stated that Rabe’s reappointment would facilitate a smooth transition of the chairmanship, which he has held since 2020. Rabe also serves as CEO of both the German broadcaster RTL Group and the media conglomerate Bertelsmann.
“The succession planning for the Supervisory Board as a whole and for myself as Chairman of the Supervisory Board are paramount for me,” Rabe said in a letter to shareholders ahead of the AGM.
Additionally, Adidas’ executive pay was approved in a shareholder vote, though Norway’s sovereign wealth fund, the company’s fifth-largest shareholder, voted against it for the second consecutive year.
