Adidas Supervisory Board Chairman Thomas Rabe will continue in his role for another year.
However, his re-election to the supervisory board at the sportswear giant's annual general meeting in Fürth on Thursday saw even less support than last year. Only 64.4 percent of shareholders voted in favor of the outgoing Bertelsmann and RTL chief, as Rabe himself, acting as meeting chair, announced. Influential shareholders had accused Rabe of delaying the search for a successor who was supposed to replace him this year. They had previously declared their intention not to vote for him again. Rabe explained that the delay in the leadership transition was "primarily about continuity and allowing more time for the handover."
Already last year, Rabe had received just 69 percent of shareholder votes. At that time, too, it was only for one more year, during which he intended to find a successor. Rabe stated he had a "Plan A," but abandoned it and thus wanted to stay another year. "I can promise, there will be no Plan C," he added. The 59-year-old has announced his retirement from active professional life for 2026. He has chaired the Adidas supervisory board since 2020.
Influential proxy advisor ISS, as well as fund managers Union Investment, Deka, and Allianz Global Investors (AllianzGI), had all announced they would not support Rabe for another term. Deka representative Cornelia Zimmermann described the succession planning as "botched." In previous years, Rabe had also faced criticism, with many shareholders believing that his CEO roles at Bertelsmann and RTL left him with insufficient time to oversee the Adidas executive board. Additionally, Rabe was accused, as chair of the nomination committee, of failing to ensure greater female representation on the board. Of the 16 Adidas supervisory board members, four are women, only two of whom represent shareholders. The most prominent member is former world-class track and field athlete Jackie Joyner-Kersee.
(Reporting by Jörn Poltz and Alexander Hübner, edited by Ralf Banser. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economics) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).
