Adidas Ushers in New Era: Sawiris to Chair, Gulden’s Reign Extended
Adidas is poised for a significant leadership shift, nominating Egyptian billionaire Nassef Sawiris as its new chairman, succeeding Thomas Rabe. Simultaneously, the sportswear giant has extended the contract of CEO Bjørn Gulden through 2030, signaling confidence in the ongoing brand turnaround.
From Shareholder to Chairman: Sawiris’s Ascendancy
Nassef Sawiris, already a board member since 2016 and a major shareholder, will formally take the chairman position pending shareholder approval at the annual general meeting on May 7, 2026. This move follows growing investor discontent with Rabe’s simultaneous role as CEO of media conglomerate Bertelsmann, with only 64% of shareholders supporting his reelection last year.
Gulden’s Turnaround and Future Strategy
Bjørn Gulden, who joined Adidas in early 2023, has spearheaded a successful turnaround strategy. His approach has included empowering regional executives, refocusing on wholesale channels, and capitalizing on the popularity of retro sneakers like the Samba. Despite this success, Adidas shares have experienced a 40% decline over the past year, reflecting concerns about sustaining the momentum of the Samba boom.
Navigating a Shifting Landscape
The leadership changes occur as Adidas anticipates a period of slower growth following a strong post-pandemic rebound. The company reported record revenues of €24.8 billion for 2025, a 10% increase, and a 54% rise in operating profit to €2.06 billion. Looking ahead, Adidas projects high single-digit sales growth in 2026, with an operating profit of €2.3 billion, despite challenges from US tariffs and currency fluctuations.
Sawiris’s Diverse Portfolio
Nassef Sawiris’s responsibilities extend beyond Adidas. He recently oversaw the restructuring of his family’s OCI chemicals and fertilizer company, merging it with Orascom Construction. He is also actively pursuing infrastructure investments in the US through Orascom, focusing on data centers and energy. He chairs Aston Villa Football Club and holds a position on the board of XRG, the investment arm of Abu Dhabi’s Adnoc.
Investor Sentiment and Corporate Governance
The appointment of Sawiris as chairman reflects a desire for a dedicated leader focused solely on Adidas. The previous chairman, Thomas Rabe, faced criticism for dividing his attention between Adidas and Bertelsmann. This shift underscores the importance of strong corporate governance and investor confidence in the company’s leadership.
Adidas’s Medium-Term Goals
Adidas aims to achieve a high single-digit annual revenue growth rate through 2028. This ambitious goal will require continued innovation, strategic partnerships, and a keen understanding of evolving consumer preferences.
Frequently Asked Questions
Who is Nassef Sawiris?
Nassef Sawiris is an Egyptian billionaire, a major shareholder in Adidas, and has been a member of the supervisory board since 2016. He is now nominated to develop into the new chairman.
Why was Thomas Rabe replaced as chairman?
Investors expressed concerns about Thomas Rabe’s ability to fully dedicate himself to Adidas while also serving as CEO of Bertelsmann.
What is Bjørn Gulden’s role at Adidas?
Bjørn Gulden is the CEO of Adidas, and his contract has been extended through the end of 2030, recognizing his success in turning the brand around.
What are Adidas’s financial projections for the future?
Adidas expects high single-digit sales growth in 2026 and forecasts an operating profit of €2.3 billion, despite facing headwinds from tariffs and currency exchange rates.
Explore further: Learn more about Adidas’s recent financial performance on Global Banking and Finance Review.