(CercleFinance.com) – Puma announced on Friday the appointment of Arne Freundt as managing director to replace Bjorn Gulden, confirming speculation that the latter will leave for adidas.
The change comes as adidas has confirmed that it has entered into discussions with Gulden to succeed its current chief executive, Kasper Rorsted.
For information, the mandate of Bjorn Gulde at Puma is due to expire at the end of the year.
In a press release, Puma specifies that Arne Freundt has been offered a four-year contract.
The executive who joined the sports equipment manufacturer ten years ago, had been a member of the management committee and commercial director since June 2021.
Following this announcement, Puma shares fell 2.4% on Friday on the Frankfurt Stock Exchange.
“This is bad news for Puma given the significant impact and contribution made by Bjorn Gulden during his tenure,” we react at Royal Bank of Canada.
‘But we believe that the dynamic of the company is solid and we see no reason for this to change in the short term knowing that the current strategic plan was drawn up by Bjorn Gulden’, underlines RBC.
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