At Adidas’ annual general meeting (AGM), investment firm Allianz Global Investors is scheduled to vote against chairman Thomas Rabe’s reelection. Citing worries over “overboarding,” Allianz announced that it will vote against the chair’s re-election to the supervisory board of the sportswear company.
In addition to serving as CEO of media firms RTL and Bertelsmann, Rabe is in his sixth year as chair of Adidas. Allianz GI voted to re-elect Rabe last year on the grounds that Adidas had a transition plan in place, despite the fact that it claimed that this was “too many commitments in addition to his role at Adidas.”
Nevertheless, according to Allianz GI, the sportswear behemoth hasn’t since offered a chair replacement or, in its opinion, a compelling succession plan.
The fund manager advised Adidas to provide investors with a succession plan and, eventually, a candidate as soon as feasible, giving them enough time for onboarding to guarantee a smooth transition.
Adidas issued a warning that rising import duties into the US could drive up prices and costs in the coming months, despite the company’s recent results showing excellent profitability.
