March 4 — Berlin: Global sportswear company Adidas has nominated Egyptian billionaire and current board member Nassef Sawiris to become the next chairman of its supervisory board, replacing Thomas Rabe.
The announcement comes as the German brand reported strong financial results for 2025. Adidas recorded revenue of €24.8 billion (approximately $29 billion), representing a 13 percent increase, while net income from continuing operations rose by nearly 70 percent under the leadership of CEO Bjorn Gulden.
Thomas Rabe, 60, has served as chairman of the Adidas supervisory board since 2020 after joining the board in 2019. He also holds the positions of chairman and CEO of Bertelsmann Management SE and CEO of RTL Group.
Sawiris, 65, was born in Cairo and is widely recognized as one of Egypt’s most prominent business figures. According to Forbes, he has an estimated net worth of $9.6 billion. He leads OCI, a major global producer of nitrogen fertilizers, and also oversees Orascom Construction.
Through his investment firm NNS, Sawiris owns nearly 6 percent of Adidas shares.
His appointment will require approval from shareholders during the company’s annual general meeting scheduled for May 7. The supervisory board has also recommended extending CEO Bjorn Gulden’s contract until the end of 2030 following the company’s recent turnaround since early 2023.
In a statement, Adidas said the supervisory board intends to elect Sawiris as chairman following the annual meeting, when Thomas Rabe’s term is set to conclude.
Rabe said Sawiris brings extensive experience as an entrepreneur and investor, noting that he has already played an important role in the company’s strategic development during his time on the board. He also highlighted Sawiris’ significant shareholding in Adidas as evidence of his long-term commitment and alignment with the company’s shareholders.
Sawiris, who has served as deputy chairman of the supervisory board since 2025, welcomed the nomination and expressed enthusiasm about helping guide the company’s future.
He praised the achievements of CEO Bjorn Gulden and his leadership team and said he looks forward to continuing close collaboration as Adidas enters its next phase of growth. He also thanked Rabe for his leadership and contributions to the company over the years.
