Adidas Chairman Thomas Rabe Re-elected Until 2025

Logo of Adidas brand is displayed on the store in the center of Warsaw, Poland, January 4, 2024. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Logo of Adidas brand is displayed on the store in the center of Warsaw, Poland, January 4, 2024. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
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Adidas Chairman Thomas Rabe Re-elected Until 2025

Logo of Adidas brand is displayed on the store in the center of Warsaw, Poland, January 4, 2024. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights
Logo of Adidas brand is displayed on the store in the center of Warsaw, Poland, January 4, 2024. REUTERS/Kacper Pempel/File Photo Purchase Licensing Rights

A majority of Adidas shareholders backed the re-election of chairman Thomas Rabe at the company's annual general meeting on Thursday, securing his role for a fifth year, with the German sportswear brand set to appoint a successor in 2025.

Prominent proxy advisory firm Institutional Shareholder Services (ISS) had recommended in April that investors vote against Rabe's reappointment due to what it argued was an "excessive" number of roles at other companies, Reuters reported.

Adidas said Rabe's reappointment would serve to ensure a smooth handover of the chairmanship, which he has held since 2020. Rabe is also CEO of German broadcaster RTL Group and CEO of media conglomerate Bertelsmann.

"The succession planning for the Supervisory Board as a whole and for myself as Chairman of the Supervisory Board are paramount for me," Rabe said in a letter to shareholders ahead of the AGM.

Adidas' executive pay was also approved in a shareholder vote, although Norway's sovereign wealth fund, the fifth-biggest shareholder in Adidas, voted against for the second year in a row.

 

 

 

 

 

 



Olympic Cauldron to Rise into Paris Skies Each Night

 Paris 2024 Olympics - Paris, France - July 27, 2024. A general view of the balloon and Olympic cauldron in Jardin des Tuileries. (Reuters)
Paris 2024 Olympics - Paris, France - July 27, 2024. A general view of the balloon and Olympic cauldron in Jardin des Tuileries. (Reuters)
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Olympic Cauldron to Rise into Paris Skies Each Night

 Paris 2024 Olympics - Paris, France - July 27, 2024. A general view of the balloon and Olympic cauldron in Jardin des Tuileries. (Reuters)
Paris 2024 Olympics - Paris, France - July 27, 2024. A general view of the balloon and Olympic cauldron in Jardin des Tuileries. (Reuters)

The Olympic cauldron that made a stunning first flight at the Paris Games opening ceremony will sit on the ground during the day and rise again every evening.

Paris Olympics organizers said that from Saturday, the cauldron attached to a balloon will fly more than 60 meters (197 feet) above the Tuileries gardens near the glass pyramid entrance to the Louvre museum from sunset until 2 a.m.

During daytime hours, 10,000 people each day can get free tickets to approach the cauldron, which is the first in Olympic history to light up without the use of fossil fuels.

Organizers said the electric flame uses 40 LED spotlights “to illuminate the cloud created by 200 high-pressure misting nozzles.”