BERLIN, Nov 4 (Reuters) – Puma Chief Govt Bjorn Gulden is leaving the German sportswear maker on the finish of the 12 months to take the helm at rival Adidas in keeping with an trade supply.
Puma introduced on Friday that it had appointed Chief Industrial Officer Arne Freundt as the brand new CEO from Jan. 1 after Gulden determined to let his contract expire on the finish of the 12 months, however didn’t say what Gulden’s plans had been. Freundt, who has labored for Puma for over 10 years and was promoted to CCO final 12 months, will obtain a four-year contract.
Adidas confirmed on Friday that it’s in talks with Gulden about presumably changing Chief Govt Kasper Rorsted. Adidas has been trying since August for a successor to Rorsted, who plans to depart his put up in 2023. Germany’s supervisor magazin, which first reported the transfer, mentioned Gulden couldn’t swap on to Adidas because of a contest clause in his contract, and that Chief Finance Officer Hurt Ohlmeyer would doubtless lead the corporate within the interim. Adidas shares had been up practically 20% after the report.
“Bjorn Gulden had a really excessive repute as Puma CEO, had been instrumental to the turnaround of the corporate and Puma’s sturdy model warmth,” Stifel analyst Cedric Lecasble mentioned, including that he might assist strengthen the momentum of the Adidas model.
Issues have been mounting lately at Adidas, which minimize its full-year forecast on Oct. 20, citing weaker expectations for China, decrease demand in main Western markets and one-off bills associated to its exit from the Russian market. Adidas additionally ended its partnership with the artist previously generally known as Kanye Westfinal month, which it mentioned would have a “short-term unfavorable affect” of as much as 250 million euros on internet earnings this 12 months. International credit score scores company Moody’s downgraded its outlook for Adidas to “unfavorable” from “steady” on Friday.