Puma CEO to Step Down Amid Shakeup

by Christopher Freeburn | December 12, 2012 1:34 pm

[1]Facing slumping profits and declining sales, Puma (PINK:PMMAF[2]) announced on Wednesday that its CEO is leaving the company[3].

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[4]) and Adidas (PINK:ADDYY[5]), is attempting to streamline operations and reduce expenses as its primary European markets see consumer spending drop.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/12/pumalogo.jpg
  2. PMMAF: http://studio-5.financialcontent.com/investplace/quote?Symbol=PMMAF
  3. that its CEO is leaving the company: http://www.reuters.com/article/2012/12/12/us-puma-management-idUSBRE8BB0F420121212
  4. NKE: http://studio-5.financialcontent.com/investplace/quote?Symbol=NKE
  5. ADDYY: http://studio-5.financialcontent.com/investplace/quote?Symbol=ADDYY

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