Puma Promotes Insider to CFO as Company Projects Growth
06 Mai 2021 - 12:19AM
Dow Jones News
By Nina Trentmann
Puma SE made a company veteran its next chief financial officer
as the German sportswear maker looks to benefit from a reopening of
the economy in some parts of the world.
Herzogenaurach, Germany-based Puma said Wednesday Hubert
Hinterseher would take over from current CFO Michael Lämmermann on
June 1. Mr. Lämmermann plans to retire after 28 years with the
company, including the past eight years as finance chief, but will
stay on as an adviser until the end of the year, Puma said.
Mr. Hinterseher, who joined Puma in 2005, most recently served
as global director of financial controlling. As CFO, he will be
responsible for finance, legal, information technology and business
solutions, while Chief Executive Bjørn Gulden will retain
responsibility for products and marketing.
Mr. Hinterseher is expected to help the company grow its
business, according to analysts. "The new CFO knows the company
well and has been preparing for the new role," said Zuzanna Pusz,
head of the European luxury goods research division at UBS Group
AG.
Departing CFO Mr. Lämmermann is credited, along with Mr. Gulden,
with turning around the company following a decline in sales in
2013. A new strategy launched by the CEO brought changes to the
company's product pipeline and readjusted its brand image in recent
years, Ms. Pusz said.
The elevation of Mr. Hinterseher is "a natural progression for
the company," she added.
The change in the CFO seat comes as Puma forecast higher sales
in 2021 after a decrease of 4.9% to EUR5.23 billion (equivalent to
$6.28 billion) in 2020 compared with the prior year.
"We feel confident that 2021 will be a better year than 2020,"
Mr. Gulden said last month, adding that the company expects profit
to increase. Puma attributed last year's decline to the coronavirus
pandemic, which resulted in store closures around the world.
Still, Puma and other sports apparel companies lack visibility
into the pace of the economic recovery and the return of team
sports such as soccer -- an important category for the business --
as parts of Europe remain in lockdown and the pandemic has worsened
in India. "2021 will unfortunately be again a year with a lot of
uncertainty, which will make efficient operations and accurate
planning difficult," Mr. Gulden said last month.
The company reported that sales increased by 19.2% to EUR1.55
billion during the first quarter compared with the prior-year
period but said that coronavirus-related lockdown measures and port
congestion in North America and elsewhere impacted its
business.
More than 75% of Puma's sales during the first quarter were
generated through its wholesale business, though its
direct-to-consumer business also grew.
On Wednesday, Puma elevated another company insider, Arne
Freundt, to the role of chief commercial officer.
"I'm very proud that we were able to fill these important board
positions with internal candidates and guarantee a smooth
transition," Mr. Gulden said about the promotions.
The company didn't immediately respond to a request for
additional comment.
--Giulia Petroni contributed to this article.
Write to Nina Trentmann at Nina.Trentmann@wsj.com
(END) Dow Jones Newswires
May 05, 2021 18:04 ET (22:04 GMT)
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