German sportswear giant, Puma has announced a change in leadership, replacing Arne Freundt, CEO with Arthur Hoeld, Former Global Sales Chief, Adidas. This decision comes after Puma experienced a period of sluggish sales, attributed to ‘differing views on strategy execution; between Freundt and the company's board.
A CEO since November 2022, Freundt will step down on April 11. He is set to assume the role of Chairman and CEO on July 1. In the interim, the board will oversee the company's operations.
This change in leadership follows a stark contrast in performance between Puma and Adidas.
While driven by the popularity of its Samba and Gazelle sneaker lines, Adidas has seen significant sales growth, Puma has struggled to generate similar excitement for its new products, such as the Speedcat sneaker.
The announcement coincided with the impact of newly imposed US tariffs on Vietnam and other key manufacturing locations, which are affecting Puma and other sportswear retailers.
