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Adidas has proposed Egyptian billionaire Nassef Sawiris to become its chair and extended the term of chief executive Bjørn Gulden until the end of 2030, as Europe’s largest sportswear manufacturer prepares for a period of slower growth after a sharp post-pandemic rebound.
The group said on Wednesday that Sawiris, currently its deputy chair and a major shareholder, would be proposed as successor to Thomas Rabe at its annual shareholder meeting in May.
The extension of Gulden’s contract means the former Puma boss, who has overseen a turnaround at Adidas since joining a little over three years ago, is poised to serve at least seven years as chief executive.
Thomas Rabe, chair of the supervisory board, said Gulden had driven a “successful turnaround” and delivered “tremendous operational and financial progress in a challenging environment”.
Gulden has given more decision-making authority to regional executives, restored focus on wholesalers instead of direct-to-consumer sales and benefited from demand for retro trainers such as the Samba.
But Adidas shares have fallen about 40 per cent over the past 12 months, making it one of the worst performers in Germany’s blue-chip Dax index, partly reflecting doubts over how long the Samba boom can last.
Sawiris will succeed Rabe after a period characterised by growing investor disquiet at Rabe’s ability to perform the role while also running media conglomerate Bertelsmann, where he serves as chief executive. He was re-elected in 2025 for another one-year term at Adidas with only 64 per cent of shareholders voting in favour.
Sawiris, who is one of Adidas’s largest shareholders and has served on the supervisory board since 2016, will also have to juggle the role with various other responsibilities.
Last year, he oversaw the break-up of his family’s chemicals and fertiliser company OCI and merged the remnants into Orascom Construction, another family business.
Through Orascom, he is seeking to make infrastructure investments in the US, targeting areas such as data centres and energy. He also chairs Aston Villa Football Club, which he co-owns, and sits on the board of XRG, the investment arm of Abu Dhabi’s state energy group Adnoc.
Sawiris, who has an estimated fortune of more than $9bn, recently redomiciled from the UK to Abu Dhabi and Italy after the government’s decision to end tax loopholes for so-called non-doms.
At Adidas, Rabe has presided over a turbulent period including the Covid-19 pandemic and the decision to withdraw from its lucrative Yeezy partnership with Ye, following the rapper’s tirade of antisemitic remarks in 2022.
Mathias Döpfner, chief executive of Axel Springer, will be proposed as a new supervisory board member, the company said.
Adidas reported record revenues of €24.8bn for 2025, 10 per cent higher than the previous year at constant currencies, with operating profit rising 54 per cent to €2.06bn.
The company said it expected high single-digit sales growth in 2026 and forecast operating profit of €2.3bn despite an estimated €400mn hit from US tariffs and adverse currency movements.
Over the medium term, Adidas said it aimed to increase revenues at a high single-digit annual rate through to 2028.
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