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HomeMarketPuma CEO Gulden set to become new Adidas CEO

Puma CEO Gulden set to become new Adidas CEO

© Reuters. FILE PHOTO: Bjorn Gulden, chief executive officer of PUMA, attends the red carpet before the Fenty PUMA by Rihanna Fall/Winter 2016 collection show during New York Fashion Week in New York, February 12, 2016. REUTERS/Eduardo Munoz
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BERLIN (Reuters) – Puma Chief Executive Bjorn Gulden is leaving the German sportswear maker at the end of the year to take the helm at rival Adidas (OTC:), Germany’s manager magazin reported on Friday, citing company sources.

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. It did not say what Gulden’s plans were.

Adidas would not comment on the report.

Shares in Adidas were up nearly 20% after the report.

Adidas has been looking for a successor to CEO Kasper Rorsted, who plans to leave his post in 2023, since August.

Freundt, 42, who has worked for Puma for more than 10 years, will receive a four-year contract for the chief executive role.

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