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Tuesday, July 16, 2024

Adidas Expected to Hire Puma CEO

  • Adidas is reportedly expected to hire Puma CEO Bjørn Gulden.
  • Gulden is leaving Puma at the end of the year.

A new chapter is being written in the decades-long saga of two of the best-known brands for sneakers and apparel. Adidas is reportedly expected to hire outgoing Puma CEO Bjørn Gulden to replace CEO Kasper Rørsted when he leaves the company next year.

  • Gulden would not be able to join Adidas immediately after leaving Puma due to language in his contract. Chief finance officer Harm Ohlmeyer is expected to helm Adidas in the interim.
  • He will leave Puma at the end of the year and be replaced by chief commercial officer Arne Freundt.
  • Adidas’ stock price has rocketed over 27% since market close on Thursday, following the report. 

Adidas and Puma were famously founded separately by brothers Adolf and Rudolf Dassler following a rift. The two previously owned the Dassler Brothers Shoe Factory.

Going Up a Size

While Puma has long held a spot among the top sneaker brands, Adidas is currently second only to Nike in sales. 

Puma’s revenue reached $3.9 billion in the first half of 2022, while Adidas’ climbed to $10.9 billion in the same period. 

Adidas’ $22.1 billion market cap is more than triple Puma’s $7.1 billion.

Last month, Adidas dropped its affiliation with Ye over his recent antisemitic comments, a decision expected to cost the company $247 million this year.

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