Puma Appoints New CEO Amid Strategic Shift

Puma has appointed Arthur Hoeld as its new CEO after a period of struggling sales. This change follows the departure of Arne Freundt due to differing strategic opinions. The transition coincides with challenges like U.S. tariffs impacting Vietnam, affecting Puma's financial performance.

In a significant leadership shift, German sportswear giant Puma announced on Thursday the appointment of Arthur Hoeld as the new CEO, succeeding Arne Freundt.

The decision comes amid Puma's struggle to match rival Adidas' booming sales, as disagreements over strategic execution surfaced.

Hoeld's appointment, effective July 1, coincides with adverse conditions like U.S. tariffs on Vietnam, which have hurt Puma's market performance, leading to a 10% dip in share prices.

(With inputs from agencies.)