PARIS — Puma AG said chief financial officer Dieter Bock is leaving the company for personal reasons.

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Bock’s departure, to spend more time with his family, is effective from July 31. “We regret that Dieter Bock has made the decision to leave the company and are grateful for his successful work at Puma for many years,” stated chairman and chief executive officer Jochen Zeitz. “In more than 30 years that he has been with the company, he achieved a great track record and contributed significantly to the company’s financial performance in the last years and Puma’s current solid financial position.”

Replacing Bock on Puma’s board of management and in charge of finance is current senior executive vice president Klaus Bauer, who will take up the newly created post of chief operating officer.

Bauer, who has worked at the German activewear firm for 20 years, will take up his new role, overseeing finance, management accounting, legal affairs, operations, logistics, IT and human resources, and join Puma’s board of management on Aug. 1.

In a possible reaction to the news, Puma’s share price fell 4 percent in Tuesday morning’s trading on the Frankfurt Bourse but recovered in the afternoon to close down 1.61 percent to 114.1 euros, or $143.70 at current exchange.