Investor Pushback: Adidas Chair Faces Reelection Challenge

Allianz Global Investors plans to vote against the reelection of Adidas Chair Thomas Rabe due to his multiple roles in various companies. Despite past support, Allianz remains unsatisfied with Adidas's lack of a succession plan and successor presentation, prompting their decision at the upcoming shareholders' meeting.

A major investor in Adidas has announced its intention to oppose the reelection of Thomas Rabe, the company's chair, at the shareholders' meeting. Allianz Global Investors, one of Adidas's largest investors, cited Rabe's involvement in numerous other companies as a significant concern.

Last year, Allianz supported Rabe's position, assuming that Adidas would establish a succession plan. However, the company has failed to deliver on this front, leaving Allianz dissatisfied.

As a result, the investor plans to act on its concerns about 'overboarding' by voting against Rabe's reelection, seeking a more focused leadership commitment from Adidas.

(With inputs from agencies.)