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.

 

 

 

 

 

 



‘Flooding Rains’ Threaten to Dampen Paris Olympics Opening Ceremony

Paris 2024 Olympics - Opening Ceremony - Paris, France - July 26, 2024. Spectators are seen behind the Eiffel Tower ahead of the opening ceremony of the Paris 2024 Olympics. (Reuters)
Paris 2024 Olympics - Opening Ceremony - Paris, France - July 26, 2024. Spectators are seen behind the Eiffel Tower ahead of the opening ceremony of the Paris 2024 Olympics. (Reuters)
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‘Flooding Rains’ Threaten to Dampen Paris Olympics Opening Ceremony

Paris 2024 Olympics - Opening Ceremony - Paris, France - July 26, 2024. Spectators are seen behind the Eiffel Tower ahead of the opening ceremony of the Paris 2024 Olympics. (Reuters)
Paris 2024 Olympics - Opening Ceremony - Paris, France - July 26, 2024. Spectators are seen behind the Eiffel Tower ahead of the opening ceremony of the Paris 2024 Olympics. (Reuters)

The Paris Olympics look likely to get off to a soggy start.

Meteo-France, the French weather service, is predicting “flooding rains” Friday evening when the opening ceremony is set to unroll along the Seine River. But the show is set to go on as planned, starting at 1:30 p.m. EDT/7:30 p.m. CEST and should last more than three hours.

Already in the late afternoon, skies were gray with intermittent drizzle. There was a silver lining, though, with temperatures expected to stay relatively warm throughout the evening.

Instead of a traditional march into a stadium, about 6,800 athletes will parade on more than 90 boats on the Seine River for 6 kilometers (3.7 miles). Though 10,700 athletes are expected to compete at these Olympics, hundreds of soccer players are based outside Paris, surfers are in Tahiti and many have yet to arrive for their events in the second week, organizers said Thursday.

Hundreds of thousands of people, including 320,000 paying and invited ticket-holders, are expected to line the Seine’s banks as athletes are paraded along the river on boats.