The boss of Puma will take the helm of Adidas, according to Manager Magazin | Photo credits: Adidas
BERLIN, Nov 4 (Reuters) – Puma CEO Björn Gulden is to leave the sportswear maker at the end of the year to take charge of the group’s major German competitor, Adidas, Manager Magazin reported on Friday, quoting sources familiar with the matter.
Puma announced a little earlier the appointment of Arne Freundt, its current commercial director, to succeed from January 1 to Björn Gulden, who did not want his mandate to be renewed.
Puma did not specify what Björn Gulden’s plans are and Adidas declined to comment.
On the Frankfurt Stock Exchange, the Adidas title climbed 19.72% at 2:37 p.m. GMT in response to information from Manager Magazin, while the Puma share fell by 2.55%.
Since August, Adidas has been looking for a new executive to replace Kasper Rorsted, who announced plans to leave the sporting goods maker. (Alexander Huebner report, written by Miranda Murray, French version Laetitia Volga, edited by Marc Angrand)