Long-Damn-Haul for Rabe: Adidas Board Chairman Stays Despite Shareholder Rebellion
Adidas' Senior Manager Raven Granted Extension for an Additional Year in Position - Adidas CEO, Rabe, Granted an Additional Year in Position
Thomas Rabe, the bigwig of media juggernaut Bertelsmann, has clung onto his position as the overseer of Adidas' board for another year, despite a healthy dose of opposition from shareholders. With 64.4% of the votes from Adidas shareholders at the annual craic in Fürth, Rabe has secured another year, just shy of the 70% thresholds some shareholders had demanded [1][2][3].
This decision comes amid a tempest of complaints about Rabe's double duties as both the Adidas overseer and CEO of Bertelsmann and RTL Group. Many investors argued that these roles might leave him little time for Adidas, which ain't cool with them.
Last year, there were grumbles about Rabe because shareholders perceived his dual roles critically. Yet, for another year, he gets to ride the chair, so long as he steps up the search for a successor [1][2].
"Missing in Action, Son," said a rep from Deka Bank at the bash, condemning the missed opportunity for succession planning and the so-called failure to prepare for a new boss. Other shareholder groups like Allianz Global Investors and Union Investment echoed these calls.
Rabe's response? He's still the man for the gig, mate. In a pre-meeting letter to shareholders, he acknowledged the conflict-of-interest concerns but defended his choice, emphasizing stability, continuity, and wisdom at the top as crucial for Adidas' business success.
"After much ballyhoo and gabba gabba, the whole board agrees: Thomas the Rabe is our guy," Rabe wrote [1][2].
The board, convinced that Rabe's steady hand and close relationship with Adidas' CEO, Bjørn Gulden, are invaluable during Adidas' "period of immense opportunity", has backed his decision to stick around [1][2].
Despite the headaches posed by Greta-flipping US trade policies, Adidas is in the black. In the first quarter, sales climbed by eight percent to about 5.5 billion smackers. Operating earnings rose to 336 million clams, up from a mere 60 mil last year.
- Thomas Rabe
- Adidas
- Bertelsmann
- Media Conglomerate
- Fürth
- Opposition
- Annual General Meeting
- CEO
- Sportswear
- Bjørn Gulden
- Thomas Rabe, despite the opposition from shareholders, managed to secure another year as the Chairman of Adidas' board, falling just short of the 70% threshold demanded by some investors, due to concerns about his double roles as CEO of both Adidas and media conglomerate, Bertelsmann.
- With the EU countries promoting the freedom of movement of workers, freedom to provide services, and freedom of business in industry and finance, Thomas Rabe's dual roles as CEO of Bertelsmann and Adidas' board chairman might still face criticism for potential time management issues, especially as Adidas continues to grow in sales and operating earnings.
