(Reuters) – German sportswear group Puma replaced its CEO on Thursday after a period of struggling sales, with former Adidas global sales chief Arthur Hoeld taking over from Arne Freundt due to what the company called “differing views on strategy execution”.
Puma said Freundt, CEO since November 2022, would step down on April 11 and Hoeld would take over as chairman and CEO effective July 1, with the board leading the company in the transition phase.
Adidas has enjoyed strong sales growth as it surfed a trend for its Samba and Gazelle sneakers, while Puma has struggled to ignite sales and boost interest in new sneakers like the Speedcat.
“I am incredibly excited to join the PUMA family as their new CEO,” Hoeld, who left Adidas in October last year, said in a statement.
The CEO change comes as U.S. tariffs on Vietnam and other key manufacturing hubs hit Puma and other sportswear retailers, sending Puma shares down 10% on Thursday.
(This story has been corrected to reflect that Hoeld is not currently at Adidas)
(Reporting by Helen Reid in London and Tristan Veyet in Gdansk, editing by Friederike Heine and David Evans)
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