The manager lets his contract with Puma expire.
(Photo: Puma/ Christoph Maderer)
Munich Puma CEO Björn Gulden is leaving the sporting goods manufacturer at the end of the year. “My current contract with Puma ends on December 31, 2022 and after nine years I have decided not to renew it,” he said on Friday.
Arne Freundt, who was promoted to the board as Chief Commercial Officer last year, will take over the Norwegian post on January 1st. The 42-year-old has been given a four-year contract.
The announcement, which also surprised many in Herzogenaurach, sparked speculation that Guldens might switch to larger competitor Adidas. “Adidas is looking for someone with a career like Gulden,” said an industry insider to the Handelsblatt. “He would fit perfectly and could bring in a different corporate culture.”
Adidas stock posts strong gains
After the announcement of the personnel, the Adidas share increased its gains significantly and was up more than 22 percent in the afternoon. The Puma titles lost more than ten percent at times.
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Gulden had recently reacted evasively to the question of whether he wanted to switch to the larger neighbor and rival as Kasper Rorsted’s successor. He didn’t have an offer, he just said. “I still have a lot of energy for an operational role for the next five to ten years, but that would have been too long for Puma,” he said on Friday.
Puma is currently doing much better than Adidas. This was evident again in the third quarter. Puma increased currency-adjusted sales by 17 percent to a record 2.35 billion euros.
At Adidas, on the other hand, sales rose weaker than expected, mainly because of the problems in China, by only four percent to 6.4 billion euros. Still boss Rorsted had to adjust the goals for the current year downwards several times and has announced his early departure in the coming year.
The manager had only been promoted to sales manager last year.
(Photo: Cougar)
At Adidas there were complaints about the Dane’s rough management style. The Supervisory Board was therefore looking for a successor with an integrative management style. Gulden is extremely popular with Puma. “He’s very authentic and a great boss,” said a Puma manager. Puma did not want to comment further on the background to the farewell.
“We would like to thank Björn Gulden for his outstanding contributions during his more than nine years at Puma, in which he has put the Puma Group back on the road to success and has now ensured that he leaves the company in the best possible shape,” said Héloïse Temple, Chair of the Supervisory Board – Boyer on Friday.
Successor Freundt has been working for Puma for more than ten years and has been on the board for a good year. Among other things, he was responsible for corporate strategy as General Manager. “He has the Puma family at heart and will ensure Puma continues to be the best partner for the company’s retailers, suppliers and athletes,” said Temple-Boyer.
More: Divided sporting goods world: Puma achieves record sales while Adidas is in crisis