Puma CEO to Step Down Amid Shakeup

The company is cutting costs as European sales falter


pumalogo 300x150 Puma CEO to Step Down Amid ShakeupFacing 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.

Nike Shoes 200x133 Puma CEO to Step Down Amid Shakeup
Nike Expansion Could Mean 12,000 More Jobs for One State

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/.

©2015 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.