Puma's Leadership Shakeup: Arthur Hoeld Steps In as CEO

Puma announced a leadership change, appointing Arthur Hoeld as CEO amid struggling sales. Hoeld, a former Adidas executive, replaces Arne Freundt who steps down due to strategic differences. This change occurs as Puma faces challenges from U.S. tariffs, impacting shares negatively.

In a significant leadership transition, German sportswear giant Puma has appointed Arthur Hoeld as the new CEO, succeeding Arne Freundt. This development comes amid a period of challenged sales for the company and follows Freundt's departure due to differing views on strategic execution.

Arthur Hoeld, former global sales chief at Adidas, will assume his new role as chairman and CEO on July 1, with the company's board overseeing the transition phase. Puma has struggled to boost sales and consumer interest in new sneakers like the Speedcat, contrasting with Adidas's success with its Samba and Gazelle models.

The leadership change is set against a backdrop of U.S. tariffs on key manufacturing regions, which have posed significant challenges to Puma and other retailers. As a result, Puma's shares fell by 10% following the announcement. Hoeld expressed his enthusiasm for leading the company through these turbulent times.

(With inputs from agencies.)