ADDDF - Adidas stock surges on report Puma chief will be new CEO

Bjorn Gulden will reportedly depart the company founded by Rudolf Dassler, Puma SE ( OTCPK:PUMSY ), to head the cross-town rival founded by his brother Adolf Dassler, Adidas ( OTCQX:ADDYY ).

According to German outlet Manager Magazin , Gulden has been selected to replace Kasper Rorsted as CEO. Puma, meanwhile, has designated Chief Commercial Officer Arne Freundt as Gulden’s successor.

“My current contract with PUMA ends 31/12/22 and after 9 years I have decided not to renew,” Gulden said on Friday. “I have had 9 great years with the PUMA family, and I am very proud of what we have achieved together. Even during difficult times, we have had great momentum and have delivered record results in revenue and in earnings.”

According to German media, that decision was motivated by the new opportunity at Adidas.

Shares of Adidas marked a record gain toward the European close, with Frankfurt-listed shares of Adidas ( OTCQX:ADDYY ) jumping over 22%.

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