Puma CEO Given the Red Card as Adidas Sales Chief Drafted in to Head up Team
“Differing views on strategy execution” are being cited as the reason for Arne Freundt stepping down as Puma chief executive.
Freundt will step down on 11th April and his departure comes after the company reported a net income of €282 million (US$312 million) for 2024, which was down from €305 million (US$337 million) the previous year.
The company is now embarking on what has been described as a cost-cutting programme, which it is naming ‘nextlevel’, and has the aim of delivering an earnings before interest and taxes (Ebit) margin of 8.5 per cent by 2027.
Freundt has been in the role for two and a half years, and replaced Bjørn Gulden who jumped ship to rival Adidas. And it is from Adidas, ironically, that Freundt’s own replacement has been drafted. Adidas sales chief Arthur Hoeld will take over on 1st July, according to Sports Pro. He has worked at Adidas since 1998. Supporting him will be another new recruit to role. The vice president of Puma’s business unit, Teamsport, Matthias Bäumer has been appointed as the company’s new chief commercial officer.
Commenting on his appointment, Hoeld said: “I am incredibly excited to join the Puma family as their new CEO. Puma is one of the most authentic brands in our industry with an incredibly strong legacy. Their products worn by the best athletes created unforgettable moments. Sports authenticity and an exciting brand proposition will be our key focus in the future.”
