• Adidas plans to nominate Egyptian billionaire Nassef Sawiris as chair, reinforcing shareholder influence as the company enters a slower growth phase.
• CEO Bjørn Gulden’s contract will run until 2030, signaling confidence in his turnaround after Adidas navigated the fallout from the Yeezy split.
• The leadership shift comes as Adidas shares slide and investors question how long the retro sneaker boom can sustain growth.

Adidas

Adidas is preparing for a leadership change that could place an Egyptian billionaire at the top of its supervisory board.

The sportswear giant said it plans to nominate Nassef Sawiris as chair at its annual shareholder meeting in May. Sawiris currently serves as deputy chair and is one of Adidas’ largest shareholders. He has also been a member of the company’s supervisory board since 2016.

If shareholders approve the nomination, Sawiris will replace current chair Thomas Rabe. Rabe has led the board through a turbulent period that included the pandemic and major strategic shifts. His tenure also drew criticism from investors concerned about his dual role as CEO of media group Bertelsmann.

“As Chairman of the Supervisory Board, Nassef Sawiris will be a driving force in the continued successful collaboration with the Executive Board and will represent the interests of our shareholders in a responsible manner. I would like to wish him and the entire Supervisory Board every success for the future”, says Thomas Rabe, Chairman of the Supervisory Board of adidas AG.

Evolving Market Conditions 

At the same time, Adidas confirmed that chief executive Bjørn Gulden will remain in his role until the end of 2030. Gulden previously led Puma and joined Adidas in 2023 during a challenging period. Since then, he has focused on rebuilding relationships with wholesale partners and giving regional teams more decision-making power.

The company also benefited from strong demand for retro sneaker styles, particularly the Samba. The model became one of Adidas’ most visible successes during the brand’s recent rebound.

Despite operational progress, investor sentiment has weakened over the past year. The company’s shares have fallen roughly 40 percent during that period, making the company one of the weaker performers in Germany’s DAX. The stock declined further after the sportswear giant issued a profit outlook that came in below analyst expectations.

Beyond Adidas, Sawiris maintains a wide global business portfolio. He oversees investments through Orascom Construction and has recently targeted infrastructure opportunities in the United States. He also co-owns Aston Villa F.C. and sits on the board of XRG.