By Michael Susin
Some Adidas shareholders said they plan to oppose the re-election of supervisory-board chairman Thomas Rabe at the company's annual general meeting, citing the lack of a succession plan.
Rabe, chief executive of both German media group Bertelsmann and its listed broadcasting arm RTL Group, has chaired the supervisory board of the German sporting-goods company since 2020. Adidas shareholders are set to vote on a proposal for him to remain in the role for an additional year at the annual meeting scheduled for Thursday.
Investment firm Allianz Global Investors said Wednesday it will oppose the resolution to re-elect Rabe as Adidas's chair as the company hasn't presented a successor to the chair or a convincing succession plan. Allianz Global Investors holds a 1% stake in Adidas, according to LSEG Refinitiv data.
"Over-boarding remains a major concern. We also want to stress the importance of proactive succession planning. A particular focus remains on succession plans for the chairperson," Allianz Global Investors' global head of sustainable and impact investing, Matt Christensen, said.
German investment firm Deka also said it would vote against Rabe's re-election, saying it agreed to his reappointment a year ago on the condition that the year would be used for succession planning. Deka holds a 0.64% stake in Adidas, according to LSEG Refinitiv data.
"One year is a period in which we can allow exceptions. We will no longer agree to another extension," a Deka spokesperson said.
Meanwhile, Norges Bank Investment Management said it would support Rabe's re-election. The Norwegian public investor has a 4.7% stake in Adidas, LSEG Refinitiv data shows.
In a letter to shareholders, Rabe said his re-election--which is supported by the nomination committee, supervisory board and Chief Executive Officer Bjorn Gulden--was needed to ensure a sustainable turnaround under plans made in 2024 and to give time for an orderly handover of the role.
"One further year will give us the additional time required to ensure a smooth handover--in the interest of short-term continuity and for the benefit of the company's long-term success," Rabe said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
May 14, 2025 12:01 ET (16:01 GMT)
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