Puma SE

PUM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Puma: Challenging Period Brings Change in Leadership; Shares Undervalued

David Swartz

Apr 3, 2025

No-moat Puma announced that Arne Freundt, chief executive officer since late 2022, will leave the company due to differences with the supervisory board over strategy. He will be replaced by Arthur Hoeld, a former longtime executive at narrow-moat rival Adidas. Freundt, who took over the top spot after Adidas poached Bjorn Gulden to be its CEO, will leave on April 11 and Hoeld will join July 1. In the interim, Puma will be led by a three-person management board that includes Matthias Baumer, a longtime executive who was separately promoted to chief commercial officer.

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Puma SE

Puma: Challenging Period Brings Change in Leadership; Shares Undervalued

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