• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Puma CEO steps down

Dec 12 2012 12:35 Reuters

Puma logo (File)

Related Articles

Union queries Puma as Bafana sponsor

Nike announces $8bn share buyback

Demand for Nike brand still strong

Adidas outlook disappoints in Olympic year

Reebok to pay $25m for toning shoe claims

Sportwinkel draf weer op die veld

 
Frankfurt - German sportswear maker, Puma, said chief executive Franz Koch was to leave in March, part of an ongoing shake-up as it tries to catch rivals such as Adidas and Nike.

Puma is frantically cutting costs, reducing its product range and trimming management following a profit warning over the summer after customers in its main markets in Europe held back on purchases of sports shoes and t-shirts.
 
Wednesday's announcement of 33-year-old Koch's exit came 11 days after Jean-Francois Palus from controlling shareholder PPR took over as chairman of the supervisory board from former CEO Jochen Zeitz who had headed Puma for 18 years.

Puma, 82.4% controlled by the French luxury goods group, said Koch would work with new chairman Palus, also PPR group managing director, until he left.

"We will pursue the reorganisation of the company, focus on product innovation and marketing, and will continue to devote the necessary resources to the development of the brand," he said on Wednesday.

Palus said that Puma hoped to hire a new CEO by the spring. A graduate of HEC business school and a former Arthur Andersen consultant, Palus is seen by analysts as a pragmatic, hands-on manager.

PPR has said Puma was not spending enough on products, which has seen it lag rivals in bringing out new high-tech running and soccer shoes.

"This is the closing chapter on Zeitz's legacy. They are starting all over," said one sector analyst who wished to remain anonymous, adding that the move was not a surprise following PPR's criticism of the marketing strategy.

Puma shares were down 0.3% at 11:30.
 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

puma  |  retail  |  companies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

Go solar and save

Households may have to examine alternative forms of energy after Eskom has been given permission to raise electricity prices above the 8% previously granted.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...