Egyptian Billionaire Nassef Sawiris Could Be Adidas' New Chairman

Sportswear group Adidas has nominated Egyptian billionaire and investor Nassef Sawiris as its next chairman, the company said, with the appointment subject to shareholder approval in May.

Sawiris, who has served on Adidas’s supervisory board since 2016, is set to succeed current chairman Thomas Rabe.

The move follows concerns raised by some shareholders about Rabe’s ability to devote sufficient time to the role due to his other executive commitments.

If approved at the company’s annual general meeting, Sawiris would assume the position after nearly a decade on the board of the German sportswear maker.

Sawiris is a major international investor and co-owner of English Premier League football club Aston Villa.