🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Adidas Shares Jump After Group Confirms Talks with Possible Rørsted Successor

Published 04/11/2022, 16:30
© Reuters
ADSGN
-
STOXX
-
PUMG
-

By Scott Kanowsky 

Investing.com -- Shares in Adidas AG (ETR:ADSGN) surged by more than 22% to the top of the pan-European Stoxx 600 in afternoon trading on Friday after the German sportswear retailer confirmed that it was speaking with a potential successor to current chief executive officer Kasper Rørsted.

In a statement, the Herzogenaurach-based company said it was "in talks" with Bjørn Gulden, outgoing CEO of rival Puma SE (ETR:PUMG), about possibly replacing Rørsted.

The announcement comes after Germany's Manager Magazin first reported that Gulden would leave Puma at the end of 2022 to take over at Adidas.

The world's second largest sports apparel firm has been searching for a new CEO since August when Rørsted unveiled his plan to step down next year.

Meanwhile, Puma said that Gulden has chosen to allow his contract to expire at the end of this year. The group added that chief commercial officer Arne Freundt will take over as its new CEO on January 1.

Shares in Puma fell by about 3%.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.