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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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Belgian Grand Prix Gets Contract Extension but Set to Be Dropped from Schedule in 2028 and 2030

Ferrari driver Sebastian Vettel of Germany steers his car during the second free practice at the Spa-Francorchamps circuit, Belgium, on Aug. 21, 2015. (AP)
Ferrari driver Sebastian Vettel of Germany steers his car during the second free practice at the Spa-Francorchamps circuit, Belgium, on Aug. 21, 2015. (AP)
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Belgian Grand Prix Gets Contract Extension but Set to Be Dropped from Schedule in 2028 and 2030

Ferrari driver Sebastian Vettel of Germany steers his car during the second free practice at the Spa-Francorchamps circuit, Belgium, on Aug. 21, 2015. (AP)
Ferrari driver Sebastian Vettel of Germany steers his car during the second free practice at the Spa-Francorchamps circuit, Belgium, on Aug. 21, 2015. (AP)

Formula 1 has extended its contract with the Belgian Grand Prix, but one of the sport's most established races is set to be dropped from the schedule in 2028 and 2030.

The extension starting from next year includes races only in 2026, 2027, 2029 and 2031, F1 said Wednesday.

F1’s push in recent years to expand the schedule with more races in the United States and Asia has meant more competition for traditional venues in Europe seeking to keep their places on the calendar.

The Spa-Francorchamps circuit, a favorite with many drivers for its flowing high-speed layout through forested hills, was on the F1 schedule for the first championship season in 1950 and has been on the calendar every year since 2007.

"The Belgian Grand Prix was one of the races that made up our maiden Championship in 1950, so as we kick off our 75th anniversary year it is fitting that we can share the news of this important extension," F1 president and chief executive Stefano Domenicali said in a statement.

"Spa-Francorchamps is rightly lauded by drivers and fans alike as one of the finest racetracks in the world and it has played host to some incredible moments over its many seasons in Formula 1."

This year's Belgian Grand Prix race weekend is from July 25 through 27, including a sprint race.