Adidas Reelects Chairman Despite Investor Concerns
Adidas shareholders have reelected Chairman Thomas Rabe for another year, despite dissent from major investors concerned about his multiple roles. The decision, supported by 64.43% of votes, extends Rabe's tenure into his sixth year. Adidas plans to appoint a successor by 2025.
Amid concerns from top investors, Adidas shareholders have approved the reelection of Chairman Thomas Rabe for another term. The decision was finalized on Thursday, with 64.43% voting in favor, extending Rabe's leadership into his sixth consecutive year.
Key investors, including Allianz Global Investors and Deka, expressed reservations about Rabe's capacity to effectively lead Adidas, citing his concurrent roles as CEO of both Bertelsmann and RTL Group. These investors argued that Rabe's responsibilities outside Adidas could hinder his commitment to the company.
Despite the dissent, Adidas has indicated that preparations are in place for Rabe's succession, aiming to appoint a new chairman by 2025. The extension of Rabe's mandate reflects the board's trust in his leadership amidst the ongoing strategic planning transitions.
(With inputs from agencies.)
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