At Thursday’s annual general meeting, Adidas shareholders overwhelmingly voted to re-elect Thomas Rabe as chairman. The appointment of Rabe’s successor is scheduled for 2025, and this move extends his tenure for another year.

 Institutional Shareholder Services (ISS), a leading proxy consulting firm, urged investors to reject Rabe’s reappointment in April, calling his involvement in so many other firms “excessive.”

 Yet Adidas stressed the need for Rabe’s reappointment to ensure a smooth succession to the presidency, which he has held since 2020. Rabe is the chief executive officer of the media group Bertelsmann in addition to his position at Adidas. He also heads the German broadcaster RTL Group.

 In a letter sent to shareholders before the AGM, Rabe emphasized the need for succession planning for the entire Supervisory Board and for himself as Chairman of the Supervisory Board.

 Shareholders also approved Adidas’ executive compensation plan. But for the second year in a row, the company’s fifth-largest shareholder—Norway’s public wealth fund—voted against it.