Puma has announced that Arthur Hoeld, a seasoned Adidas executive with 26 years at the rival sportswear company, will become its new CEO from July 1.
His appointment follows the departure of Arne Freundt, who is stepping down after a two-and-a-half-year tenure, citing ‘differing views on strategy execution’.
Freundt, who has spent over 14 years at Puma, is set to leave the business next week.
During his time as CEO, he oversaw a reshaping of the company’s marketing structure, which included relocating brand operations from Boston to Puma’s German headquarters.
He also launched a creative hub in Germany, with additional plans in motion for a new design studio in Los Angeles and the opening of a European flagship store this autumn.
Hoeld left Adidas in October, having most recently led global sales. His career there spanned numerous key leadership roles, from marketing to regional management.
Notably, he was instrumental in driving the success of Adidas Originals, which reached €7 billion in annual sales.
“We are convinced that thanks to his strategic vision and focus on product and brand, Arthur will lead Puma into a new chapter of strength and growth,” said Héloïse Temple-Boyer, chair of Puma’s Supervisory Board.
Until Hoeld officially assumes the position, Puma will be led by an interim team comprising chief product officer Maria Valdes, chief financial officer Markus Neubrand, and the newly appointed chief commercial officer, Matthias Bäumer.
The leadership change comes shortly after Puma launched its largest ever global brand campaign and committed to a 40% increase in marketing spend this year.
Despite a 2.5% annual increase in net sales, profits have not met expectations, prompting the introduction of a cost saving initiative aimed at improving efficiency.
Click here to sign up to Retail Gazette‘s free daily email newsletter
