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Puma CEO to Step Down Amid Shakeup

The company is cutting costs as European sales falter


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.

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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.

Article printed from InvestorPlace Media, http://investorplace.com/2012/12/puma-ceo-to-step-down-amid-shakeup/.

©2016 InvestorPlace Media, LLC

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