Investor Pushback: Allianz to Vote Against Adidas Chair Reelection

Allianz Global Investors, a major shareholder in Adidas, announced its intention to vote against the reelection of Thomas Rabe as the company's chair. The decision is driven by concerns over Rabe's numerous commitments to other companies, which Allianz fears could impede his capacity to effectively oversee the sportswear giant.

The investor group expressed disappointment over Adidas' failure to present a clear succession plan, emphasizing the importance of appointing a chair with strong leadership, industry experience, and independence. Matt Christensen of Allianz noted that the next chairperson must be capable of managing the board through challenging times.

Adidas has yet to comment on the issue, which comes amid differing opinions from advisory firms. While Institutional Shareholders Services advises against Rabe's reelection due to his extensive roles and lack of board diversity, Glass Lewis supports his leadership but criticizes the company's executive compensation structure.

(With inputs from agencies.)