Puma: new CFO appointed, share price rises

(CercleFinance.com) - Puma shares gained almost 4% on the Frankfurt Stock Exchange on Thursday, after the German sports equipment manufacturer announced the appointment of Markus Neubrand, a former executive of the American fashion group Guess, as its new CFO.


At around 3.30pm, the share price was up 3.8%, one of the biggest decliners on the MDAX mid-cap index.

Conversely, Guess shares have lost over 22% since Markus Neubrand's departure from the company was announced on August 19.

Prior to his arrival at Guess, Markus Neubrand was CFO of luxury clothing brand MCM and CFO of the US branch of Hugo Boss.

At Puma, he will replace Hubert Hinterseher, who will leave the company on December 31 by mutual agreement with management, at the end of a transition period which will see Markus Neubrand take up his new post on September 30.

Alongside Arne Freundt (Managing Director), Maria Valdes (Product Director) and Anne-Laure Descours (Purchasing Director), he will be part of the Group's streamlined management team.

Despite today's rebound, Puma shares are still down some 24% since January 1 - compared with a 0.7% decline for the MDAX index - due to this year's disappointing forecasts.

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