LONDON — The stock market may have reacted with a shrug, but those who know Puma SE’s newly appointed chief executive officer, Björn Gulden, say the company is in safe hands.
Puma’s share price edged down 0.5 percent to 226.65 euros, or $294.64 at current exchange, at the close of trading Thursdayy following theannouncement that Gulden would succeed Franz Koch as ceo. Hisappointment comes as French parent Kering, formerly called PPR, steps up efforts to improve the fortunes of the German activewear firm, whose profitability has been declining amid challenging market conditions and a major transformation and cost-reduction program.
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