Puma CEO Steps Down
Puma has announced that chief executive Franz Koch will leave in March as part of an ongoing shake-up as it tries to catch up with rivals such as Adidas and Nike.
Puma has been frantically cutting costs, reducing it's range of products and eliminating jobs following a profit warning over the summer.
Today'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.
"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 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.