Puma Makes Strategic Leadership Overhaul Amid Sales Struggles

Puma replaces its CEO, Arne Freundt, following a period of declining sales. Arthur Hoeld, the global sales chief, will assume the role of chairman and CEO. This leadership shift follows U.S. tariffs impacting key manufacturing sites, causing Puma's shares to drop by 10%.

In a major leadership shakeup, German sportswear manufacturer Puma announced on Thursday that it has replaced its CEO amid ongoing sales struggles. Global sales chief Arthur Hoeld is set to succeed Arne Freundt, following what the company described as 'differing views on strategy execution.'

Freundt, who had held the CEO position since November 2022, will officially step down on April 11. Hoeld is expected to assume the role on July 1, as chairman and CEO, guided by the board during the transition period.

This corporate upheaval occurs against the backdrop of U.S. tariffs targeting Vietnam and other prime manufacturing sites, which have adversely affected Puma and its industry peers, leading to a 10% plunge in Puma's share value on Thursday.

(With inputs from agencies.)