CEO Bjorn Gulden of Puma will leave the German sportswear manufacturer at the end of the year to take the helm of its rival Adidasaccording to an industry source.
German magazine Manager Magazin initially reported the news.
Puma announced on Friday that it had named business president Arne Freundt as its new chief executive effective January 1, after Gulden decided to let his contract expire at the end of the year, but did not say what Gulden’s plans were.
Adidas confirmed that it is in talks with Gulden about the possibility of replacing chief executive Kasper Rørsted.
The actions of Adidas rose almost 20% after the report.
“Bjørn Gulden has a very good reputation as CEO of Puma, he was instrumental in the turnaround of the company and the strong impact of the Puma brand,” said Stifel analyst Cedric Lecasble, adding that he could help strengthen the Adidas brand.
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