In a surprise move, Adidas Supervisory Board Chairman Thomas Rabe is reportedly set to seek re-election for an additional year at the company’s annual general meeting in May. According to sources in the industry, Rabe, the CEO of Bertelsmann, is seeking a one-year extension of his term due to the lack of a clear successor in sight.
Investors had already criticized the one-year extension of his mandate last year, citing concerns over the accumulation of offices. Rabe, who plans to fully retire in 2026, had wanted to moderate the transition to a new successor. However, no successor is yet in sight, leading Rabe to consider an additional year in office.
Investors view an additional one-year term for Rabe with skepticism. “We did not elect Mr. Rabe last year due to office accumulation” said Vanda Rothacker, an analyst and corporate governance expert at Union Investment, in an interview with the newspaper. “He was elected for one year back then. The fact that he is now standing for re-election for another year does not speak for an impressive succession planning. We view this critically.