// Adidas promotes deputy chairman Thomas Rabe to chairman
// Rabe has been serving as deputy since May 2019
// He will replace Igor Landau, who is exiting after more than 15 years
Adidas has appointed Thomas Rabe as its new chairman after a board meeting on February 13.
Rabe, who has been serving as deputy chairman since May 2019, will replace Igor Landau, who is leaving the business after its AGM on May 14.
“In the interests of a smooth handover and in line with the transition of the current strategic five-year plan to a new strategic cycle starting at the beginning of 2021, May is the right time to hand over my mandate as supervisory board chairman to a successor,” Landau said.
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“Rabe will make an excellent chairman, enriching the board in this role with his great leadership, digital and financial competence.”
Landau is leaving Adidas after more than 15 years. During his tenure, the sports goods giant saw its market value rise from €5 billion (£4.15 billion) to €57 billion (£47.4 billion).
Rabe is currently chief executive of German education company Bertelsmann, where he has held roles of chairman and chief executive since 2012.
“I relinquish my task with the pleasure of knowing that the company is extremely well positioned from a financial point of view, it is leading the way in sustainability, and that Adidas has developed into one of the world’s best-known brands and most popular employers,” Rabe said.
“I am aware that this office entails a high degree of responsibility which I will gladly take on in the interests of shareholders, customers, consumers, employees and partners.”