Adidas Shareholders Support Thomas Rabe Amid Leadership Debate
Adidas shareholders approved Thomas Rabe's reelection, despite concerns over his external commitments. Securing 64.43% votes, Rabe enters his sixth year as Chairman. Major investors questioned his time commitment, given his roles outside Adidas. Rabe plans to enhance gender diversity and leave the board by 2026.
In a decisive move, Adidas shareholders have extended Thomas Rabe's tenure as Chairman for another year. Despite facing opposition from key investors over his multiple external commitments, Rabe secured 64.43% of the vote, down from 69% last year.
Concerns persist among investors like Allianz Global Investors, who argue that Rabe's roles as CEO of Bertelsmann and RTL Group may limit his effective engagement with Adidas. Meanwhile, the company is undergoing a significant transformation under CEO Bjorn Gulden, who aims for a seamless leadership transition by 2025.
Rabe addressed shareholders in a letter, emphasizing his commitment to a smooth handover and promising to bolster board diversity. He plans to step down after the 2026 Annual General Meeting, vowing to improve gender representation, as noted by Institutional Shareholders Services.
(With inputs from agencies.)
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