Adidas Taps Puma's Gulden as New CEO -- Update
08 Novembre 2022 - 1:45PM
Dow Jones News
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 joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
November 08, 2022 07:30 ET (12:30 GMT)
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