There was no second chance for Arne Freundt. Appointed CEO of the German equipment manufacturer in 2022, the 40-year-old had to deal with results that displeased the financial markets.

After announcing his 2025 forecasts of 1% to 5% growth, Puma’s share price suffered the biggest decline in its history, falling back to its 2016 level on March 12. The hype surrounding the stars of the Paris Olympics, such as pole vaulter Mondo Duplantis, the signing of a contract with the English Premier League and the announced reorganization plan have not convinced Puma’s board of directors, which announced on Thursday that the supervisory board and Arne Freundt had “reached a mutual agreement” to end their collaboration. This will take effect on April 11.

To succeed him, the German group looked across the Aurach, the river that separates the Puma and Adidas headquarters in the town of Herzogenaurach. Arthur Hoeld, a long-standing executive of the world’s No. 2 sports company, will take over as CEO and chairman of the group management board on July 1.

Aged 55, the former handball player and athlete spent 26 years with the three-stripes brand, leaving his last role as global sales director last October.

“I’m very excited to join the Puma family as the new CEO. Puma is one of the most authentic brands in our industry, with an incredibly strong heritage,” said the executive in a statement.

“Its products worn by the best athletes have created unforgettable moments. Sporting authenticity and an exciting brand proposition will be our main objectives going forward.”

In its press release, Puma highlighted in particular the executive’s work at the helm of Adidas Originals, which under his leadership achieved sales of €7 billion.

“We are delighted to appoint Arthur Hoeld, a proven sports industry expert with solid commercial expertise over the past 26 years, as CEO of Puma. We are convinced that with his strategic vision and focus on products and brand, Arthur will lead Puma into a new chapter of strength and growth,” said Héloïse Temple-Boyer, who chairs the group’s supervisory board, in a press release.

“On behalf of the entire Board, I would also like to thank Arne Freundt for all his achievements and for the commitment and dedication he has shown over the past 14 years. We wish him all the best in his future endeavors.”

In parallel with his appointment, the group announced the promotion on April 1 of Matthias Bäumer, who was vice president, team sports, to group sales director.

Author Credits- Olivier Guyot, FASHION NETWORK