BERLIN (Reuters) – German sports equipment maker Adidas on Tuesday appointed Björn Gulden, currently at the helm of rival Puma, as chairman of the board, replacing Kasper Rorsted, who is leaving his post earlier than expected.
“During his tenure as Chairman of the Management Board of Puma, (Björn Gulden) revitalized the brand and led the company to record results,” said Thomas Rabe, Chairman of the Supervisory Board of Adidas. “The Supervisory Board firmly believes that Björn Gulden will lead Adidas into a new era of strength.”
Since August, Adidas has been looking for a new leader to replace Kasper Rorsted, who planned to leave the group in 2023.
But the appointment of Björn Gulden should lead him to leave the sports equipment manufacturer this week, Harm Ohlmeyer, the financial director, having to take over until December 31.
With his move to Adidas, Björn Gulden had to leave the management of Puma with immediate effect although there is no clause in his contract apparently prohibiting him from joining the competition.
Commercial director Arne Freundt has been appointed to succeed him immediately as head of Puma and no longer on January 1 as planned.
Accumulating difficulties, Adidas lowered its annual forecast last month. In the spring, there were signs that its China business would not resume following a Chinese consumer boycott last year. The group is also facing the repercussions of its withdrawal from the Russian market due to the war in Ukraine.
On the Frankfurt Stock Exchange, Adidas gained 2.94% while Puma fell 1.64%.
(Alexander Huebner report, written by Miranda Murray, French version Laetitia Volga, edited by Bertrand Boucey)
click here for restrictions
©2022 Reuters