Adidas names Nassef Sawiris as next chairman, pending May 2026 approval, as it celebrates record profits and extends CEO Gulden’s contract.

Adidas has nominated Egyptian billionaire Nassef Sawiris, a board member since 2016, as its next chairman, replacing Thomas Rabe, whose leadership drew shareholder criticism due to perceived lack of focus. The move follows Rabe’s 64% support in last year’s re-election. Adidas also extended CEO Bjørn Gulden’s contract through 2030, recognizing his role in the company’s turnaround. The firm reported record 2025 results with €24.8 billion in sales and a 54% rise in operating profit. Sawiris’s appointment requires approval at the May 7, 2026, annual meeting. Meanwhile, Kering restructured into two new centers, Zeeman named Boudewijn van Nieuwenhuijzen as its new CEO effective August 1, 2026, and Shein removed climate-neutral claims in Germany after regulatory action.