German sports fashion retailer Puma has appointed long-serving Adidas veteran Arthur Hoeld as its new CEO, succeeding Arne Freundt who is stepping down after a strategic disagreement with the supervisory board.
Unexpected
Freundt has only been at the helm since November 2022, succeeding Bjørn Gulden, who moved to competitor and arch-rival Adidas, but is now stepping down after a difference of opinion about the implementation of the company’s strategy. He has been on board at Puma for fourteen years, holding various management positions.
His successor, currently Chief Sales Officer at Adidas, will become Puma’s new CEO on 1 July. He has a solid track record, working in various top positions at Adidas for 26 years, such as SVP Brand Strategy & Business Development, General Manager for Originals and Managing Director EMEA. He also transformed the ‘Originals’ division and has a sports background himself, as a former handball player and athlete.
Trio
To help bridge the period between Freundt’s departure on 11 April and Hoeld’s arrival on 1 July, the everyday management will be in the hands of three people: Chief Product Officer Maria Valdes, Chief Financial Officer Markus Neubrand and Chief Commercial Officer Matthias Bäumer. Puma emphasises that this trio enjoys the full confidence of the Supervisory Board.
Hoeld’s move once again emphasises the historical rivalry between Adidas and Puma. The companies were founded by brothers Adolf and Rudolf Dassler, who founded a shoe factory together in 1924, but later went their separate ways after a dispute.
