Puma boss Björn Gulden will become CEO of the larger neighbor and direct competitor Adidas on January 1st. On Tuesday, the Adidas supervisory board appointed the Norwegian as the successor to Kasper Rorsted, who will leave the Franconian sporting goods group at the end of the week. Rorsted had announced his departure for next year in August. Gulden had said last week that he did not want to extend his contract with Puma, which expired at the end of the year, and Adidas then confirmed talks with him. The 57-year-old apparently has no competition clause that prevents a change within the industry. Adidas CFO Harm Ohlmeyer is to lead the number two in the global sporting goods market by the end of the year.
Investors had already reacted very positively when the talks with Adidas were confirmed. “Björn Gulden had a good reputation as Puma boss, he was crucial for the turnaround there and the brand strength of Puma,” said Stifel analyst Cedric Lecasble. He could also give impetus to the Adidas brand again. Ingo Speich, Head of Corporate Governance at Deka Investment, told the Bloomberg news agency that Gulden was a blessing for Adidas, bringing the necessary knowledge and experience to markets such as the capital market. The Puma boss has transformed the small company into one of the strongest in the industry, said Thomas Jökel, fund manager at Union Investment.
At Adidas, however, there are a number of construction sites on guilders. While Puma posted record figures in the third quarter, Adidas again had to scale back its own targets – for the second time in just three months. The group has also terminated the lucrative cooperation with rapper Kanye West because of his anti-Semitic comments, which will depress profits. Above all, the balance sheet is also burdened by the weak China business, which accounts for a significant part of Adidas’ income. In addition, both Nike and Adidas now have full stocks, as customers in Europe and especially America are holding back due to increased food and energy prices. The goods must therefore be sold with discounts.
In contrast to Rorsted, Gulden has a passion for sports. The ex-Henkel boss Rorsted is considered an accomplished restructuring man, but has often been criticized for not having enough passion for the brand and the sport. Gulden, on the other hand, played as a professional soccer player for 1. FC Nürnberg, among others. He was also the German managing director of the shoe retailer Deichmann and CEO of the Danish jewelery manufacturer Pandora and manager at the outdoor brand Helly Hansen.
