German sportswear giant Adidas announced a significant restructuring of its top-tier leadership on Wednesday, nominating board member and Egyptian billionaire Nassef Sawiris as its next Chairman. The supervisory board confirmed it has extended the contract of Chief Executive Officer Bjørn Gulden until the end of 2030. The transition follows a period of mounting pressure from institutional investors regarding Thomas Rabe’s leadership. Analysts view the nomination of Sawiris—already a major shareholder and board mainstay—as a strategic move to appease investors and consolidate the company’s focus. His election as Chairman is subject to a shareholder vote at the Adidas Annual General Meeting, scheduled for May 7.

Source: Egypt Independent March 05, 2026 09:28 UTC