Puma's Leadership Shuffle: Arthur Hoeld Takes the Helm Amid Strategic Divergence

Puma appoints Arthur Hoeld as the new CEO to replace Arne Freundt, citing strategic differences. This leadership change, effective July 1, comes as Puma faces challenges in sales and profitability, amid intense rivalry with Adidas. The move aims to boost Puma's market position and bring renewed growth.

Puma, the renowned sportswear brand, has announced a leadership change with former Adidas executive Arthur Hoeld taking over as CEO. The decision comes after 'differing views on strategy execution' led to the departure of Arne Freundt, who has headed the company since November 2022.

This transition follows Puma's ongoing struggle to increase sales and profitability, with Adidas enjoying a surge in popularity for its Samba and Gazelle sneakers. The shift in leadership mirrors Puma's past practice of executive swaps with its rival, underscoring a historic rivalry spanning 75 years.

Puma acknowledges that recent sales trends and economic challenges have affected its performance, particularly in the U.S. market. Analyst Monique Pollard views the leadership change positively, suggesting potential strategic shifts to address current obstacles and drive future growth.

(With inputs from agencies.)