Nassef Sawiris, an Egyptian billionaire, will take over as chairman of Adidas

At the German sportswear business Adidas‘ shareholders’ meeting in May, Egyptian billionaire Nassef Sawiris will take over as chairman. The previous chairman was in charge of the company’s post-pandemic recovery and the termination of its profitable Yeezy alliance with rapper Kanye West.

In addition to being a majority shareholder in Adidas, Sawiris, an investor and member of the wealthiest family in Egypt, has served on the company’s supervisory board since 2016.

Additionally, CEO Bjørn Gulden’s contract was extended by the business until the end of 2030.

Adidas anticipates single-digit sales growth this year after reporting record revenues of $28.9 billion in 2025.

As an investor, Nassef owns about 6% of Adidas and 5% of Madison Square Garden Sports, which owns the New York Rangers of the NHL and the New York Knicks of the NBA. In addition, he is on the board of directors of XRG, the investment division of Abu Dhabi’s state-owned energy company, and is co-owner and chairman of Aston Villa Football Club, a Premier League team.