Puma Chief Executive Bjorn Gulden is leaving the German sportswear maker at the end of the year to take the helm at rival Adidas , according to an industry source.
Puma announced on Friday that it had appointed chief commercial officer Arne Freundt as the new chief executive from Jan. 1 after Gulden decided to let his contract expire at the end of the year but did not say what Gulden's plans were.
Adidas confirmed that it is in talks with Gulden about possibly replacing Chief Executive Kasper Rorsted."Bjorn Gulden had a very high reputation as Puma CEO, had been instrumental to the turnaround of the company and Puma's strong brand heat," Stifel analyst Cedric Lecasble said, adding that he could help strengthen the momentum of the Adidas brand.
Reporting by Alexander Huebner, Writing by Miranda Murray; editing by Matthias Williams and Louise Heavens
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