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Bjorn Gulden is reportedly leaving the company founded by Rudolf Dassler, Puma SE (OTCPK: PUMSY), to top the cross-town rival founded by his brother Adolf Dassler, Adidas (OTCQX: ADD CODE).
According to German outlet Manage MagazinGulden has was selected to replace Kasper Rorsted as CEO of Adidas. Meanwhile, Puma named Chief Commercial Officer Arne Freundt as Gulden’s successor on Friday.
“My current contract with PUMA ends on December 31, 22 and after nine years I have decided not to renew it,” Gulden said on Friday. “I’ve had nine great years with the PUMA family, and I’m so proud of what we’ve achieved together. Even in difficult times, we were highly motivated and delivered record results in terms of revenue and earnings. “
According to German media, that decision was motivated by a new opportunity at Adidas.
Adidas shares marked record gains at the European close, with Adidas shares listed in Frankfurt (OTCQX: ADD CODE) increased by more than 22%.
Read more about the German apparel and footwear giant recently ended relationship with Kanye West.
