Adidas Taps Puma's Gulden as New CEO -- Update

By Joshua Kirby

Adidas AG said Tuesday that it is appointing the current CEO of rival Puma SE, Bjorn Gulden, as its new chief executive officer as it looks to move on from a series of financial challenges.

Mr. Gulden will take the helm of the German sportswear major from Jan. 1, Adidas said.

The company said last week that it was in talks with Mr. Gulden over his potential replacement of current CEO Kasper Rorsted. Mr. Rorsted will step down on Friday, Adidas said, with finance chief Harm Ohlmeyer set to lead the company until Mr. Gulden takes over.

"The supervisory board of Adidas is convinced that Bjorn Gulden will head Adidas into a new era of strength, and is looking very much forward to a successful cooperation," said Thomas Rabe, supervisory board chairman.

Mr. Gulden previously worked at Adidas for several years in the 1990s. He has also worked at shoe retailer Deichmann SE and Danish jewelry maker Pandora A/S before joining Puma.

Adidas said over the summer that incumbent boss Mr. Rorsted would leave the company, following a string of disappointing results and cuts to financial expectations. The company has struggled to shore up falling sales in the vital China market, heavily dragging group growth.

More recently, Adidas has warned of financial hits from a split with rapper and designer Kanye West on the lucrative Yeezy label, and a further squeeze amid economic downturn in Western markets.

Puma meanwhile said current Chief Commercial Officer Arne Freundt will take over with immediate effect as CEO of the company.

Last week, the company had said Mr. Freundt would take over from the beginning of the new year after. However, following the appointment of Mr. Gulden as Adidas chief, Mr. Freundt will take over with immediate effect, Puma said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

November 08, 2022 07:30 ET (12:30 GMT)

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