Despite being concerned about the so-called “overboarding” last year, Allianz Global Investors (AllianzGI)- the 13th biggest investor in Adidas, according to LSEG data – said it had supported Rabe’s reelection last year on the basis that the company would find a replacement.

“Since then, the company has not presented a successor or laid out a ‘convincing’ succession plan,” Allianz said in a statement.

“We want to understand the key competencies required for the incoming chair to effectively lead the board, as well as how the search process is managed,” said Matt Christensen, global head of sustainable and impact investing at AllianzGI.

“The incoming chair should possess strong leadership skills, industry experience, unquestionable independence, and enough time to lead the board, especially in times of crisis,” Christensen said.

Last year, leading proxy advisor ISS had recommended investors vote against Rabe’s reappointment due to an “excessive” number of roles at other companies, which include being chief executive at both RTL Group and Bertelsmann Management SE.