Adidas has nominated Egyptian billionaire Nassef Sawiris to become its new chair and extended CEO Bjørn Gulden's contract through 2030, signaling stability as the sportswear giant navigates slower growth after its post-pandemic surge. The move comes as Sawiris, currently deputy chair and major shareholder, prepares to succeed Thomas Rabe at the annual meeting in May.

Gulden, who joined from Puma three years ago, has overseen a turnaround that included restoring focus on wholesale partners and capitalizing on retro trainer demand like the Samba. However, Adidas shares have fallen 40% over the past year, making it one of Germany's worst-performing blue-chip stocks amid concerns about the longevity of its footwear boom.

The leadership changes follow a turbulent period for Adidas, including the costly decision to end its Yeezy partnership with Ye after antisemitic remarks in 2022. The company reported record revenues of €24.8 billion for 2025, with operating profit rising 54% to €2.06 billion, but expects a €400 million hit from US tariffs and currency fluctuations in 2026.