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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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Saudi Arabia’s Participation in Paris Olympics Part of Quality of Life Program, Al-Bakr Says

The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)
The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)
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Saudi Arabia’s Participation in Paris Olympics Part of Quality of Life Program, Al-Bakr Says

The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)
The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program. (SPA)

CEO of Saudi Arabia’s Quality of Life Program Khalid bin Abdullah Al-Bakr said on Friday the Kingdom’s participation in the Paris 2024 Olympic Games is part of integrated and comprehensive efforts to build a distinguished future for the sports sector in the Kingdom.

This will help reach the goals of the Kingdom’s Vision 2030 in achieving sports excellence and building a vital and stimulating sports sector for young Saudi men and women.

Al-Bakr said the participation reflects the support of the country’s wise leadership for the sports sector, as well as the efforts made by the Ministry of Sports and the Saudi Olympic and Paralympic Committee to develop the sector under the supervision of Sports Minister and Chairman of the Olympic and Paralympic Committee Prince Abdulaziz bin Turki bin Faisal.

The efforts of the sports system have combined to achieve the strategic goal assigned by Vision 2030 to the Quality of Life Program, which is “achieving excellence in several sports regionally and globally” by launching several initiatives on supporting and empowering Saudi athletes and contributing to increasing the number of athletes participating in the Olympic Games.

Since its launch in 2018, the program has offered many initiatives to develop the sports sector, Al-Bakr said. He cited the Elite Athletes Development Program, which trained and empowered Saudi players participating in the Paris Olympics, in addition to initiatives concerned with supporting and empowering women to contribute to the sports system, the Saudi Games, and building sports academies, including the establishment of Mahd Academy.

The program seeks to discover, develop, and support sports talents with the aim of creating a sports generation capable of competing in and representing the Kingdom in various regional and international events, he added.