By Joshua Kirby


Adidas AG on Friday confirmed that it is in talks with Puma Chief Executive Bjorn Gulden as a potential successor, as the German sportswear company looks to move on from a series of recent travails.

Earlier Friday, Adidas's smaller rival Puma said Mr. Gulden would leave the company at the end of the year, with Germany's Manager Magazin reporting he was set to move to the larger company.

"Adidas AG confirms that it is in talks with Bjorn Gulden, CEO of Puma, as a potential successor," Adidas said.

Puma shares traded lower after the news, losing 1.6% to EUR45.56 as of 1453 GMT. Adidas shares meanwhile surged around 21% to EUR113.92.

Current Adidas CEO Kasper Rorsted is set to hand over the reins of the company to a successor at some point in 2023. His planned departure was made public in August after a string of disappointing results and guidance cuts at the company, which has suffered from slow recovery in the key China market.

Mr. Gulden said he had taken the decision not to renew his contract after nine years at the Puma's helm. Mr. Gulden's successor, current Chief Commercial Officer Arne Freundt, will be given a mandate of four years as CEO beginning Jan. 1, Puma said.


Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby


(END) Dow Jones Newswires

11-04-22 1117ET