Puma CEO Zeitz To Head New Sports And Lifestyle Division At PPR

Puma Chair & CEO Jochen Zeitz will "head a new 'sports and lifestyle' division at parent company PPR," according to James Wilson of the FINANCIAL TIMES. Zeitz also "will become executive chairman at Puma and oversee the search for a new chief executive for the company, which is to be at the centre of PPR's plans to build a bigger portfolio of sports and leisure brands." Puma will be "converted into a societas europaea, or SE, with a one-tier board." PPR Chair & CEO Francois-Henri Pinault said that the changes will "strengthen the organisation of Puma's management team and put Mr. Zeitz in charge of creating a portfolio of sports brands." PPR owns 71% of Puma, and Pinault said that the moves "were not designed to presage a complete buy-out" of the company's minority shares. He noted that Zeitz will "pass on 'day-to-day operational responsibility' to a chief executive at Puma once the changes were implemented, expected to follow a vote at Puma's annual meeting next year." Zeitz and PPR are expected to "disclose more details of the strategy next week along with Puma's quarterly financial results" (FINANCIAL TIMES, 10/19).