PUMA recently announced that a new CEO, Arne Freundt, will be taking over from current CEO Bjorn Gulden on January 1st in the new year. Arne Freundt is currently the company’s Chief Commercial Officer. Following that announcement, Adidas confirmed that Bjorn Gulden will be replacing Kasper Rorsted as CEO when he leaves the company in 2023.
Gulden has been CEO of PUMA since 2013 and previously worked as SVP of Apparel and Accessories at Adidas in the 1990s. Reports also state that the Adidas share price went up by 20% following this announcement, which is great news for the company after the recent fall of their share price following their termination of the Ye partnership.
The events that have affected Adidas’ finances this year have led to Moody’s, the global credit ratings agency, downgrading their outlook for the company from stable to negative last Friday. Gulden will have a lot of challenges as the new CEO, including making up for the financial hole that comes from losing the Yeezy brand.
While PUMA is not as big of a shoe brand as Adidas, it is still one of the world’s biggest shoe brands. The founding story of PUMA and Adidas begins with a rivalry between the Dassler brothers, who founded each company. While the rivalry isn’t as fierce as in earlier years, there is still deep ties between the two companies.