Adidas AG confirmed on Friday that it is in talks with Puma Chief Executive Bjorn Gulden as a potential CEO successor to CEO Kasper Rorsted, whas been at the helm of Adidas since 2016. Earlier Friday, Puma said Gulden would leave his position at Adidas at the end of 2022 and appointed Arne Freundt as his successor, effective January 1, 2023.
In August, Rorsted unexpectedly announced he would be leaving his position sometime in 2023 following the hire of his successor. The planned departure comes after disappointing financial results and guidance cuts, which the company has incurred from a slow recovery in the key China market. More recently, one-off costs relating to the groups exit from Russia and a split with designer Kanye West (“Ye”) have exacerbated the company’s financial challenges. Adidas terminated its partnership with Ye’s Yeezy brand following his antisemitic remarks.
Gulden, Puma’s CEO since July 2013, orchestrated a turnaround of the company, in part, due to a renewed focus on sports, including a return to basketball and an emphasis on running and global football.
Adidas and Puma were founded by brothers and rivals Adi and Rudi Dassler in Germany. Annual sales in 2021 were $25.1 million at Adidas and $7.9 billion for Puma.
Adidas offered a brief statement saying, “Adidas AG confirms that it is in talks with Bjørn Gulden, CEO of Puma SE, as a potential successor to Adidas AG CEO Kasper Rorsted.”
Puma said in its statement that Freundt has worked for Puma for more than ten years and has been a member of its management board as chief commercial officer since June 2021. While working at Puma, Freundt has held various positions and was responsible for its corporate strategy, global direct-to-consumer business and the EMEA as a general manager.
“In Arne Freundt, we have a recognized leader within the company taking over as CEO. He has been a designated candidate and is the ideal choice to continue Puma’s very successful path and to further accelerate the company’s momentum. He carries the Puma family in his heart and will ensure that Puma continues to be the best partner for Puma’s retailers, suppliers and athletes”, said Héloïse Temple-Boyer, chair, Supervisory Board, Puma.
Héloïse Temple-Boyer added, “We thank Bjørn Gulden for his excellent contributions during his more than nine years at Puma in which he brought the Puma Group back on track and made sure he leaves it in outstanding shape.”
“My current contract with Puma ends December 31, 2022 and after nine years, I have decided not to renew,” said Gulden. “I have had nine great years with the Puma family, and I am very proud of what we have achieved together. Even during difficult times, we have had great momentum and have delivered record results in revenue and in earnings. This has been achieved by outstanding teams, our special culture and a great Supervisory Board. The Board has been very supportive also in difficult times and always with a long-term view looking at what will be the best for the company and our people. I felt it was the right time for Puma, my successor and me to leave now. I still have a lot of energy and want to at least continue 5-to-10 more years in an operational role, which I think would have been too long for Puma. Arne has been working directly with me for nine years, has always been part of setting the strategy and making big decisions and has made a big contribution to Puma’s success. He knows my strengths and weaknesses, and I am sure he will do an even better job than me.”
“I feel privileged to be given this opportunity by the Supervisory Board to lead this great company with its fantastic people and take Puma to the next level,” said Freundt. “Bjørn has been an inspiring leader, and I am very thankful for the joint journey.”
Photo courtesy Getty
