Facing slumping profits and declining sales, Puma (PINK:PMMAF) announced on Wednesday that its CEO is leaving the company.
Germany-based Puma said that Franz Koch will depart the company in March. Less than two weeks ago, the company selected a new chairman for its supervisory board from its largest shareholder France’s PPR, Reuters noted.
PPR had criticized Puma for not investing sufficiently in product development.
The company will search for a new CEO and hopes to locate a successor for Koch by next spring.
The athletic apparel maker, which competes with Nike (NYSE:NKE) and Adidas (PINK:ADDYY), is attempting to streamline operations and reduce expenses as its primary European markets see consumer spending drop.
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