Investing

Adidas Names Puma Boss Its New Chief Executive

On Monday, German athletic apparel company Adidas (DE:ADS) (US:ADDYY)said it named  Bjorn Gulden from rival Puma as its new chief executive officer.

Adidas shares rose on Tuesday along with the broader market.

Gulden replaces Kasper Rorsted, who will step down on Friday, and Chief Financial Officer Harm Ohlmeyer will serve as interim CEO until Jan. 1.

Adidas said over the summer that Mr. Rorsted would leave the company after disappointing results and cuts to financial expectations.

Two weeks ago, Adidas said a one-two punch of weakening sales and pricing in western markets and ongoing production woes in China hit results.

The warning was Adidas’s third this year.

It said its upcoming earnings would show roughly  500 million euros of costs to exit Russia. Late Thursday, Adidas warned that it expects a big blow to its bottom line from one-off costs mainly relating to its previously announced Russian exit.

It also cut its revenue outlook and saw sales growth in the mid single digits against the previous mid to high single digits forecast.

Like many rivals, Adidas said the consumer slowdown backed up inventory and expects that to weigh on margins, which it also said would fall this year.

On the marketing side, the company recently ended a high profile deal with rapper Kanye West over widely reported incidences of antisemitism.

Gulden, 57, is from Norway and worked for Adidas in his early career, and served as senior vice president for apparel and accessories for seven years in the 1990s. He’s been CEO of Puma SE since 2013.

Before that, he was CEO of the Danish jewelry brand Pandora.

This article originally appeared on Fintel

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.