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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
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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.

 

 

 

 

 

 

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South Korea Expresses Regret after Its Athletes Introduced as North Korea at Opening Ceremony

Athletes of South Korea travel by boat along the Seine river during the opening ceremony of the 2024 Summer Olympics, in Paris, France, Friday, July 26, 2024. (AP)
Athletes of South Korea travel by boat along the Seine river during the opening ceremony of the 2024 Summer Olympics, in Paris, France, Friday, July 26, 2024. (AP)
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South Korea Expresses Regret after Its Athletes Introduced as North Korea at Opening Ceremony

Athletes of South Korea travel by boat along the Seine river during the opening ceremony of the 2024 Summer Olympics, in Paris, France, Friday, July 26, 2024. (AP)
Athletes of South Korea travel by boat along the Seine river during the opening ceremony of the 2024 Summer Olympics, in Paris, France, Friday, July 26, 2024. (AP)

South Korea expressed regret that its delegation of athletes at the Paris Olympics opening ceremony on Friday was introduced as from rival North Korea and has demanded assurances from organizers the mistake will not happen again.

As the boat carrying South Korean athletes passed on the Seine, the announcer introduced them as the "Democratic People's Republic of Korea" - the official name of North Korea - in French and English.

The announcer used the same introduction when the North Korean delegation passed.

South Korea's vice minister for sports and culture, Jang Mi-ran, who was in Paris, had requested a meeting with International Olympics Committee President Thomas Bach, the ministry said in a statement.

"We express regret that the country was introduced as North Korea at the opening ceremony of the Paris Olympic Games when the athletes of the Republic of Korea were entering," it said.

South Korea's National Olympic Committee immediately referred the incident to the Games' organizers and requested that the error will not be repeated.

South Korea's delegation includes 143 athletes competing in 21 events. North Korea, which is returning to the Games for the first time since Rio 2016, has sent 16 athletes.