A majority of Adidas shareholders backed the re-election of chairman Thomas Rabe at the company’s annual general meeting on Thursday, securing his role for a fifth year, with the German sportswear brand set to appoint a successor in 2025.
Prominent proxy advisory firm Institutional Shareholder Services (ISS) had recommended in April that investors vote against Rabe’s reappointment due to what it argued was an “excessive” number of roles at other companies.
Adidas said Rabe’s reappointment would serve to ensure a smooth handover of the chairmanship, which he has held since 2020. Rabe is also CEO of German broadcaster RTL Group and CEO of 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.
Adidas’ executive pay was also approved in a shareholder vote, although Norway’s sovereign wealth fund, the fifth-biggest shareholder in Adidas, voted against for the second year in a row.
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