Adidas eyes Egyptian billionaire Nassef Sawiris as next chairman

German sportswear giant Adidas has set its sights on Egyptian billionaire Nassef Sawiris to become its next chairman, a move that would place one of Africa’s most powerful business figures at the helm of the world’s second-largest athletic brand.

Sawiris, whose net worth is estimated at $9.3 billion, is no stranger to the company. He has served on Adidas’ supervisory board since 2016 and became deputy chairman in 2025.

Through his investment vehicle NNS Group, he holds roughly a 6-7 per cent stake in the company, making him one of its largest shareholders.

If appointed, Sawiris would replace Thomas Rabe, who has chaired the board since 2020.

The leadership transition would mark a significant moment for the German brand and could place an African business leader in one of the most influential roles in the global sportswear industry.

Sawiris has built a broad investment portfolio spanning global industry and professional sports.

He is chairman and co-owner of Aston Villa F.C. and holds a stake in Madison Square Garden Sports, which owns teams such as the New York Knicks and the New York Rangers.

The billionaire is also the head of OCI Global, one of the world’s largest nitrogen fertiliser producers. In recent years, he has been restructuring the company, selling more than $11 billion in assets as part of a broader shift in his investment strategy.

The potential appointment comes at a time when Adidas is navigating a challenging global environment.

The company recently projected an operating profit of about €2.3 billion ($2.7 billion) for 2026, below analyst expectations and implying a margin of less than 9 per cent.

Adidas said it now expects its operating margin to exceed 10 per cent only by 2028.

Investor concerns have also been heightened by global economic uncertainty and rising tariffs affecting manufacturing hubs in Southeast Asia, where Adidas sources a significant portion of its production.

Geopolitical tensions in the Middle East have added further pressure after one of the company’s stores in Israel was damaged during recent attacks, forcing temporary business closures in the region.

The leadership developments were announced alongside the extension of the contract of chief executive Bjørn Gulden until 2030.

Gulden was appointed in 2023 to steer the company through a difficult period following the collapse of several high-profile brand partnerships and internal restructuring.

Rabe said Gulden had played a key role in stabilising the company. “With his long-standing experience, his deep understanding of our industry, his strong leadership and his clear focus on quality growth, Bjørn Gulden drove the successful turnaround of Adidas during the past three years,” he said in a statement.

Should Sawiris take over the chairmanship, the move would further expand his influence across global business and sport while highlighting the growing presence of African investors in major international corporations.

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