The Egyptian entrepreneur Nassef Sawiris is set to become the new chairman of the supervisory board at Adidas in May. The 65-year-old has been nominated to succeed outgoing Bertelsmann CEO Thomas Rabe, who will step down at the annual general meeting on May 7, Adidas announced on Wednesday. Sawiris has served on the supervisory board of the Franconian sportswear giant since 2016 and has officially been Rabe's deputy since last year. According to LSEG data, Sawiris holds a 3.13 percent stake in Adidas through his family holding company NNS.

Rabe had initially announced his departure from Herzogenaurach for 2025, but later extended his term by another year—against the opposition of numerous major shareholders who accused him of delaying the search for a successor. Another media executive is set to join the Adidas supervisory board as Rabe's replacement: Axel Springer CEO Matthias Döpfner.

The CEO, Björn Gulden, who was brought in by Rabe just over three years ago from rival Puma as the successor to Kasper Rorsted, will receive a new five-year contract. The company further announced that his appointment has been extended through the end of 2030. "Under his leadership, Adidas has achieved outstanding operational and financial progress in a challenging environment and laid a strong foundation for future sustainable sales and profit growth," Rabe stated.

(Report by Alexander Hübner, edited by Sabine Wollrab. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)