Investor Pushback: Adidas Chair Faces Reelection Challenge

A major investor in Adidas has announced its intention to oppose the reelection of Thomas Rabe, the company's chair, at the shareholders' meeting. Allianz Global Investors, one of Adidas's largest investors, cited Rabe's involvement in numerous other companies as a significant concern.

Last year, Allianz supported Rabe's position, assuming that Adidas would establish a succession plan. However, the company has failed to deliver on this front, leaving Allianz dissatisfied.

As a result, the investor plans to act on its concerns about 'overboarding' by voting against Rabe's reelection, seeking a more focused leadership commitment from Adidas.

(With inputs from agencies.)