Puma announced on Thursday that former Adidas sales executive Arthur Hoeld will step in as CEO, replacing Arne Freundt due to what the company described as “differing perspectives on strategy execution.”
The sportswear brand has faced difficulties in driving sales and profitability for over a year. Hoeld’s appointment marks another leadership shift between the two fierce rivals, following Puma’s former CEO Bjorn Gulden’s move to Adidas in 2022, where he led a successful turnaround.
The competition between Adidas and Puma runs deep, originating from a decades-old family feud between brothers Adolf and Rudolf Dassler, who founded the respective brands in Herzogenaurach, Germany, where both companies remain headquartered.
Freundt, who took the helm in November 2022, will officially step down on April 11. Hoeld is set to assume the role of chairman and CEO on July 1, with Puma’s board overseeing operations during the transition.
“I’m thrilled to join the Puma team and lead the brand into its next phase of growth,” said Hoeld, who departed Adidas in October 2023.
While Adidas has thrived on the popularity of its Samba and Gazelle sneakers, Puma has struggled to capture similar momentum, with lackluster demand for newer releases like the Speedcat. Adding to its woes, Puma recently warned that 2025 sales would likely fall below last year’s figures, citing economic uncertainty and weakened consumer spending in the U.S.—a market that contributes up to 25% of its total revenue.
Citi analyst Monique Pollard noted that investors may view Hoeld’s appointment positively, given existing concerns about Puma’s strategy and performance. However, new challenges loom, including the impact of U.S. tariffs on key manufacturing countries such as China, Vietnam, and Indonesia. Puma shares fell 10% on Thursday, exacerbating a stock decline that has brought prices near a nine-year low.
Despite these struggles, Puma’s supervisory board remains optimistic. “With his strategic vision and brand expertise, Arthur is well-positioned to steer Puma toward a new era of strength and growth,” said chair Heloise Temple-Boyer.