Adidas has nominated Egyptian billionaire Nassef Sawiris as its new chairman, replacing Thomas Rabe, who has faced criticism from shareholders over his divided attention.
Sawiris, 65, has been a member of Adidas’s supervisory board since 2016 and has served as deputy chairman since 2025.
He holds a significant stake in the company through his family investment vehicle NNS, which underscores his long-term commitment and alignment with shareholder interests.
The move comes as Adidas reports strong 2025 results, with revenue rising 13% to a record €24.8 billion and net income from continuing operations surging nearly 70%.
CEO Bjorn Gulden’s contract has been extended through 2030, recognizing his successful turnaround strategy since taking charge in January 2023.
Sawiris’s appointment is subject to shareholder approval at the annual general meeting on May 7.
If approved, he will bring extensive operating experience across construction, chemicals, energy, and sports to the role.
Adidas also announced plans to propose Mathias Dopfner, CEO of Axel Springer, as a new board member, and Ian Gallienne, chairman of Groupe Bruxelles Lambert, for re-election.
